The State Bank of Pakistan (SBP) reported a notable surge in its foreign exchange reserves, marking an increase of $1.114 billion over the course of one week, reaching $9.12 billion by May 3, according to data released on Thursday.
In total, the liquid foreign reserves of Pakistan amounted to $14.46 billion, with commercial banks holding $5.34 billion in net foreign reserves.
This boost brings the SBP’s reserves to their highest level in nearly two years, surpassing the $9 billion mark last recorded on July 15, 2022.
The central bank attributed this significant rise to a $1.1 billion inflow from the International Monetary Fund (IMF), which constituted the final instalment of the $3 billion Stand-By Arrangement (SBA).
In a statement, the central bank highlighted, “During the week ending on May 3, 2024, SBP reserves increased by US$ 1,114 million to US$ 9,120.3 million mainly due to receipt of US$1.1 billion from IMF as the final tranche under the SBA program.”
This follows a $25 million increase in Pakistan’s central bank reserves reported last week.
The final tranche of $1.1 billion from the IMF was received on April 30, following approval by the IMF’s Executive Board. The SBP had previously indicated that this amount would reflect in its foreign exchange reserves for the week ending on May 3, 2024.
