SBP Reserves Increase by $105 Million to Cross $8 Billion

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $105 million on a weekly basis according to data issued by the central bank on Thursday. On March 15, the foreign currency reserves held by the SBP were recorded at $8.018 billion, up $105 million compared to $7.913 billion on March 8. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.391 billion, up $239 million over the previous week. The net reserves held by banks stood at $5.373 billion, registering an increase of $134 million during the week. Earlier in the 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.