SBP forex reserves swell to $4.52bn after IMF cash injection
Business
The country’s total reserves have now jumped to $9.84bn
KARACHI (Web Desk) - The State Bank of Pakistan (SBP)'s foreign exchange reserves jumped by $61 million to clock in at $4.52 billion during the week ended July 7, official data shows.
The reserves didn’t include the $4.2bn inflows the State Bank received earlier this week from the International Monetary Fund (IMF) and two countries. Adding those inflows will take the bank’s reserves to $8.7bn, close to a level they were last seen in October.
Total liquid foreign #reserves held by the country stood at US$ 9.84 billion as of July 07, 2023.
— SBP (@StateBank_Pak) July 14, 2023
For details https://t.co/WpSgomnKT3#SBPReserves pic.twitter.com/COuaX23CC3
The central bank, during the current week, received an inflow of $2bn from the Kingdom of Saudi Arabia (KSA), $1bn from the United Arab Emirates (UAE), and around $1.2 billion from the IMF. These inflows will be reflected in SBP’s FX reserves for the week ending on 14-Jul-2023.
The country’s total reserves have now jumped to $9.84bn, as the holdings of commercial banks have also slightly gone up to $5.31bn.
