According to data provided by the State Bank of Pakistan (SBP) on Thursday, the foreign exchange reserves held by the central bank increased for the third consecutive week.
The SBP’s foreign exchange holdings were valued at $3.814 billion on February 24, up $556 million (or 17%) from $3.258 billion on February 17.
Total liquid foreign #reserves held by the country stood at US$ 9.27 billion as of February 24, 2023.
For details https://t.co/WpSgomnd3v pic.twitter.com/IjH6eKvVGJ— SBP (@StateBank_Pak) March 2, 2023
SBP Foreign Exchange Reserves Position
Compared to $3.193 billion on February 10, the central bank holdings increased by $66 million or about 2% last week.
The nation’s total liquid foreign currency holdings, which include net holdings held by institutions other than the SBP, were $9.267 billion, an increase of $541.4 million over the previous week.
Banks’ net holdings of holdings were $5.453 billion, down $14.2 million from the previous week. Due to a business loan from the China Development Bank, the reserves rose.
The central bank holdings, which were approximately $18 billion at the beginning of 2022 but have been considerably reduced recently, show how critical it is for Pakistan to finish the upcoming assessment of its IMF program.
To read our blog on “Pakistan’s foreign reserves have fallen to critical levels,” click here.
