SBP-held foreign exchange reserves increase by $106 million, reaches $10.81bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $106 million on a weekly basis, clocking in at $10.81 billion as of October 4, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $16.05 billion. Net foreign reserves held by commercial banks stood at $5.24 billion.

The central bank did not specify a reason for the increase in reserves.

“During the week ended on 04-Oct-2024, SBP reserves increased by US$ 106 million to US$ 10,808.0 million,” it said.

Last week, SBP foreign exchange reserves exchange increased by $1.168 billion after the central bank received the first tranche of Special Drawing Rights (SDR) 760 million, equivalent to $1.03 billion, from the International Monetary Fund (IMF).

The IMF inflow came after its Executive Board approved the 37-month, $7-billion Extended Fund Facility (EFF) for Pakistan last month.

The Pakistani authorities and the IMF team reached a staff-level agreement on the EFF in the amount equivalent to SDR 5,320 million (or about USD 7 billion) on July 12.