During the week ending on March 1, 2024, the State Bank of Pakistan (SBP) reported a decline of $53.9 million, equivalent to 0.68% WoW, in its foreign exchange reserves, which now stand at $7.9 billion. The central bank released this data on Thursday, attributing the decrease to debt repayments.
In tandem, the country’s overall reserves decreased by $18.5 million, or 0.14% WoW, amounting to $13.02 billion. Commercial banks, however, saw an increase in their reserves by $35.4 million, marking a 0.7% WoW rise to $5.12 billion.
For the current fiscal year, total liquid foreign reserves have witnessed a notable increase of $3.86 billion, representing a substantial growth of 42.14%. Furthermore, the ongoing calendar year has seen a rise of $0.35 billion, marking a 2.74% increase.
Here’s a summary of the holdings and their weekly changes:
- Foreign reserves held by the State Bank of Pakistan: $7895.7 million (March 1, 2024) compared to $7949.6 million (February 23, 2024), reflecting a decrease of $53.90 million or 0.68%.
- Net Foreign Reserves Held by Banks: $5124.3 million (March 1, 2024) compared to $5088.9 million (February 23, 2024), indicating an increase of $35.4 million or 0.7%.
- Total Liquid Foreign Reserves: $13020 million (March 1, 2024) compared to $13038.5 million (February 23, 2024), marking a decrease of $18.5 million or 0.14%.
