The State Bank of Pakistan (SBP) reported a modest increase in its foreign exchange reserves, which rose by $75 million or 0.83% week-on-week, reaching $9.1 billion as of July 26, 2024. This positive shift follows a period of stable fluctuations in the country’s foreign reserves.
Meanwhile, Pakistan’s total reserves saw a slight increase of $56.3 million or 0.39%, bringing the cumulative figure to $14.39 billion. However, commercial banks experienced a decline in reserves, with a decrease of $18.7 million or 0.35%, resulting in a total of $5.29 billion.
For the current fiscal year, SBP reserves have decreased by $287.3 million or 3.06%, although there has been a notable increase of $881 million or 10.72% in the current calendar year.
In a significant development, Pakistan is on the verge of securing a $7 billion loan deal from the International Monetary Fund (IMF), pending approval by the IMF’s Executive Board. This potential agreement is expected to substantially impact the country’s financial stability and foreign reserves.
