SBP Reserves Cross $9 Billion Mark for First Time Since July 2022

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $1.1 billion on a weekly basis according to data issued by the central bank on Thursday. The massive increase in reserves was due to the $1.1 billion loan tranche issued by the International Monetary Fund (IMF) on April 30. According to the latest data released by the central bank, on May 3, the foreign currency reserves held by the SBP were recorded at $9.12 billion, up $1.114 billion compared to $8.006 billion on April 26. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14.458 billion. The net reserves held by banks stood at $5.338 billion, registering an increase of $28 million during the week. Last time the reserves were recorded above the $9 billion mark was on July 15, 2022 i.e. almost 21 months ago.