Pakistan’s reserve assets decline to $13.53bn in January, SBP reports

In January 2024, Pakistan’s official reserve assets experienced a slight decrease to $13.53 billion, down from $13.67 billion in December, according to the latest figures released by the State Bank of Pakistan (SBP). 

The reserves include foreign currency reserves, the reserve position in international funds, Special Drawing Rights (SDRs), gold, and other assets.

The foreign currency reserves, comprising securities, currency, and deposits within both domestic and international banks and central banks, were reported at $5.03 billion.

Gold reserves, including both deposited and swapped gold, decreased marginally to $4.27 billion from $4.32 billion in the preceding month.

Other reserve assets saw a more significant drop, from $4.39 billion to $3.7 billion. 

However, there was a notable increase in SDRs, which rose to $531.43 million, primarily due to a second installment of SDR 528 million from the International Monetary Fund (IMF).

SDRs serve as an international reserve asset, valued based on a basket of five major currencies: the US dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.

The reserve position in the IMF, reflecting Pakistan’s quota within the fund, remained stable at $0.16 million.

This financial update underscores the fluctuations within Pakistan’s reserve assets amidst ongoing economic challenges and international financial support.