SBP-held forex reserves rise by $16 million, totaling $9.1 billion

The State Bank of Pakistan (SBP) reported a $16 million increase in its foreign exchange reserves on a weekly basis, bringing the total to $9.1 billion as of May 31, according to data released on Thursday.

Overall, the country's total liquid foreign reserves now stand at $14.2 billion, with net foreign reserves held by commercial banks amounting to $5.1 billion.

The central bank did not provide specific reasons for the uptick in reserves. "During the week ended on 31-May-2024, SBP reserves increased by US$ 16 million to US$ 9,109.5 million," the statement read.

In contrast, the previous week saw a $63 million decline in the central bank’s reserves. Notably, last month, SBP reserves saw a significant increase of $1.114 billion, surpassing the $9 billion mark for the first time in nearly two years. This substantial rise was largely attributed to the final $1.1 billion tranche from the International Monetary Fund (IMF) under its $3 billion Stand-By Arrangement.