SBP’s reserves increase to $4.5 billion; data is disseminated

According to an article published on July 6, the State Bank of Pakistan (SBP) reported that foreign exchange reserves increased significantly for the second consecutive week.

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The SBP noted that its foreign currency reserves increased by USD 392 million from the previous week’s total of USD 4.070 billion to USD 4.462 billion as of June 30.

The overall liquid foreign currency reserves, including those held by institutions other than the SBP, increased by $403 million from the previous week to reach USD 9,744 billion. In addition, banks’ net reserves reached USD 5.282 billion, an increase of USD 11 million from the previous week.

Notably, Pakistan and the International Monetary Fund (IMF) recently reached a staff-level agreement on a USD 3 billion stand-by arrangement, and the IMF Executive Board is scheduled to meet on July 12 to approve the disbursement of an initial USD 1.1 billion tranche under the arrangement.