Pakistan Rupee Exchange Rate
Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $105 million on a weekly basis, clocking in at $8.02 billion as of March 15, data released on Thursday showed.
Total liquid foreign reserves held by the country stood at $13.4 billion. Net foreign reserves held by commercial banks stood at $5.38 billion.
The central bank did not specify a reason for the increase in the reserves.
“During the week ended on 15-Mar-2024, SBP’s reserves increased by US$ 105 million to US$ 8,017.9 million,” it said.
Last week, Pakistan’s central bank reserves had increased by $17 million.
In a key development this week, Pakistani authorities reached a staff-level agreement with the International Monetary Fund (IMF) on the second and final review of the $3 billion Stand-By Arrangement (SBA).
“This agreement is subject to approval by the IMF’s Executive Board, upon which the remaining access under the SBA, US$1.1 billion will become available,” it added.
The inflow from the Bretton Woods institution will bring an uptick in the reserves and also prove to be a positive indicator for the country’s ailing economy.
