SBP Reserves Increase by $77 Million to Cross $7.2 Billion

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $77 million on a weekly basis according to data issued by the central bank on Thursday. On November 24, the foreign currency reserves held by the SBP were recorded at $7.257 billion, up $77 million compared to $7.180 billion on November 17. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $12.393 billion, up $91 million over the previous week. The net reserves held by banks stood at $5.136 billion, registering an increase of $14 million during the week. Yesterday, the Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia extended the term for the deposit of $3 billion placed with SBP, maturing on December 5, 2023, for another year. Last week, Caretaker Federal Minister for Finance Dr Shamshad Akhtar said the country would get financial assistance from various multilateral development banks once the first review of the Stand-By Arrangement (SBA) is approved by the International Monetary Fund (IMF) Executive Board. Speaking to a private television channel, she said Pakistan would not only get $700 million from the fund but the SBA approval would also unlock financial assistance from other multilateral financial institutions to the tune of $1.5 billion.