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Pakistan’s Foreign Reserves Surge to $14.5 Billion, Boosted by IMF Tranche

By the conclusion of the week on May 3, 2024, Pakistan observed a substantial rise in its total liquid foreign reserves, reaching a figure of US$ 14,458.9 million.

During this same period, the State Bank of Pakistan (SBP) held foreign reserves amounting to $9,120.3 million. This remarkable surge in the central bank’s reserves, totaling $1,114 million, was predominantly attributed to the reception of $1.1 billion from the International Monetary Fund (IMF) as the final tranche under the Stand-By Arrangement (SBA) program.

Additionally, the net foreign reserves held by commercial banks were reported at $5,338.6 million. This milestone marks the highest level of Pakistan’s total liquid foreign reserves in seven months, tracing back to September 2, 2022, when the reserves stood at $14,473.5 million, with the central bank holding $8,799.9 million.

Regarding the State Bank of Pakistan specifically, this reserve level signifies the highest recorded in nine months, with reserves totaling $9,328.6 million on July 15, 2024, while the country’s total foreign reserves amounted to $15,241.5 million.

Comparatively, during the preceding week ending April 26, 2024, the total liquid foreign reserves of the country were reported at $13,316 million. Within this period, the central bank held $8,006 million, and net foreign reserves held by commercial banks amounted to $5,310 million.

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