Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $ 1.168 billion to $10.701 billion during the week ended on September 27, 2024.
According to data released by the central bank on Thursday, the increase in SBP’s reserves is mainly due to the receipt of 1.026 billion from the International Monetary Fund (IMF) under the Extended Fund Facility.
The total liquid foreign reserves held by the country stood at $15.982 billion as of September 27, 2024.
The break-up of the foreign reserves shows foreign reserves held by the SBP recorded $10.701 billion while net reserves held by commercial banks recorded 5.281 billion.
on Wednesday, the SBP Governor Jameel Ahmed said that Pakistan’s foreign exchange reserves have risen to a level sufficient to cover two months’ worth of imports, following the arrival of the first tranche from the IMF under a $7 billion Extended Fund Facility (EFF).
The SBP received the first tranche of $1.03 billion (SDR 760 million) from the IMF on September 30, 2024, right after a crucial approval from the IMF board.
The governor noted that the recent IMF disbursement has alleviated pressure on the rupee and facilitated a smoother dollar supply in the market. “Overseas workers’ remittances have increased, and the supply of dollars has improved,” he said, highlighting the positive impact of declining inflation on monetary policy.
