According to data released by the central bank on Thursday, the State Bank of Pakistan (SBP) saw an increase in its foreign exchange reserves, rising by $56.4 million or 0.74% WoW to reach $7.7 billion by the week ending on September 15, 2023.
Similarly, the country’s overall reserves experienced an uptick, with a $107.5 million or 0.82% WoW increase to reach $13.19 billion.
Commercial banks also contributed to this positive trend, with their reserves rising by $51.1 million or 0.94% WoW to reach $5.49 billion.
It’s worth noting that Pakistan’s foreign reserves received a boost after the country entered into an agreement with the IMF in June, resulting in a disbursement of $1.2 billion. Additionally, Saudi Arabia and the United Arab Emirates extended a total of $3 billion in loans, bolstering the total foreign reserves to $14.07 billion.
Consequently, in the current fiscal year, the total liquid foreign reserves have surged by $4.01 billion, marking a significant increase of 43.62%. However, despite these injections, recent weeks have seen a gradual depletion of the reserves, as fresh inflows appear to have slowed down.
In contrast, the current calendar year has witnessed an impressive increase of $2.34 billion in foreign reserves, reflecting a growth rate of 21.59%.
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