Pakistan Foreign Exchange Reserves register increase
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The State Bank of Pakistan (SBP) reported a marginal increase of $3.7 million, or 0.05 per cent week-on-week (WoW), bringing its foreign exchange reserves to $7.51 billion by the week ending November 3, 2023, as per data released by the central bank on Friday.
In a parallel trend, the nation’s overall reserves witnessed a rise of $37.6 million, or 0.3 per cent WoW, reaching $12.61 billion.
Concurrently, reserves held by commercial banks grew by $33.9 million, or 0.67 per cent WoW, reaching $5.1 billion.
It is noteworthy that towards the conclusion of FY23, Pakistan successfully obtained a $3 billion stand-by arrangement (SBA) from the International Monetary Fund (IMF), preventing the nation from a looming default.
The initial disbursement of $1.2 billion under the SBA in July 2023, combined with $3 billion in bilateral inflows from Arab countries, significantly bolstered the country’s depleting foreign reserves.-
