The State Bank of Pakistan said on Thursday that its foreign exchange holdings rose by $61 million to $4,524.0 million.
Pakistan reserves increases: The Kingdom of Saudi Arabia contributed $2.0 billion, the United Arab Emirates $1.0 billion, and the IMF roughly $1.2 billion to SBP during the current week, according to the bank.
The SBP’s foreign exchange reserves for the week ending July 14, 2023 would be adjusted to reflect these inflows.
This development follows the Executive Board of the International Monetary Fund’s approval of a $3 billion, nine-month Stand-by Arrangement for Pakistan to support the government’s economic stabilisation effort.
As of July 7, 2023, the nation has US$ 9,838.5 million in liquid external reserves. The status of foreign reserves is divided as follows.
- Foreign reserves held by the State Bank of Pakistan: $4,524.0 million
- Net foreign reserves held by commercial banks: $5,314.5 million
- Total liquid foreign reserves: $9,838.5 million
Additionally, on Thursday, the rupee appreciated by Rs1.02 or 0.37% against the dollar in the interbank market. During Thursday’s trade, the dollar dropped to Rs275 before ending the day at Rs276.46.
Since the administration secured a staff-level agreement on a $3 billion stand-by arrangement, the value of the local currency has been increasing.