The foreign exchange reserves held by the State Bank of Pakistan (SBP) have surged 14.3 percent on weekly basis due to the International Monetary Fund (IMF) loan tranche of $1.1 billion, the data released by the central bank states.
The data highlights that the forex reserves held by SBP on 2nd September 2022 were recorded at $8.8 billion, up $1.1 billion from $7.69 billion held on 26th August 2022. The reserves have increased following the receipt of a $1.1 billion loan tranche from the IMF.
Pakistan’s foreign exchange reserves with SBP witnessed increase of US$1.1bn (14.3% WoW) to US$8.8bn as of Sep 02, 2022, following receipt of the US$1.1bn loan tranche from the International Monetary Fund (IMF). pic.twitter.com/BZK487OJFP
— Topline Securities (@toplinesec) September 8, 2022
The overall liquid forex reserves held by Pakistan, which also include the net reserves held by commercial banks, increased to $14.47 billion from $13.40 billion in a week.
The central bank said that the IMF loan tranche of $1.1 billion will not only help in improving the foreign exchange reserves scenario of the country but would also facilitate the realization of other planned inflows from other multilateral and bilateral sources.
It is pertinent to mention here that Pakistan’s foreign exchange reserves have fallen since February as foreign exchange inflows have been outpaced by outflows.