SBP Reserves Stay Above $8 Billion After Marginal Increase

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $4 million on a weekly basis according to data issued by the central bank on Thursday. On March 22, the foreign currency reserves held by the SBP were recorded at $8.022 billion, up $4 million compared to $8.018 billion on March 15. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.428 billion, up $37 million over the previous week. The net reserves held by banks stood at $5.406 billion, registering an increase of $33 million during the week. Last week, IMF staff and the Pakistani authorities reached a staff-level agreement on the final review under Pakistan’s Stand-By Arrangement, subject to the approval of the IMF’s Executive Board. The approval will help Pakistan unlock the last loan tranche of $1.1 billion which will boost the country’s reserves.