SBP reserves rise over $9bn on IMF inflow

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Nazir Siyal

KARACHI: Foreign reserves held by the State Bank of Pakistan (SBP) have increased to $9.12 billion after the disbursement of the last tranche of $1.1 billion loan from the International Monetary Fund (IMF) under the short-term deal.

The SBP issued a statement on Thursday on the current position of the country’s liquid foreign reserves post-IMF inflow, confirming the central bank’s reserves stood at $9.12 billion in the week ending May 3.

Meanwhile, the net foreign reserves held by commercial banks stood at $5.3 billion, bringing the country’s total forex reserves to $14.45 billion — a nearly two-year high which was last recorded above $9 billion in mid-July 2022.

The SBP reserves increased by $1.114 billion to $9.1203 billion “mainly due to receipt of $1.1 billion from the global lender as final tranche” under the loan programme, the statement added.

Although, the central bank had received SDR 828 million (around $1.1 billion) from the global lender last month, the SBP made it clear that the amount would be reflected in the foreign exchange reserves for week ending on May 3.