SBP Reserves Up $67 Million to $7.89 Billion

The foreign exchange reserves held by the central bank increased 0.9 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On August 12, the foreign currency reserves held by the SBP were recorded at $7.897 billion, up $67 million compared to $7.830 on August 5.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.613 billion. Net reserves held by banks stood at $5.716 billion, registering a decrease of $15 million.

The central bank had said in a statement last week that debt repayments are expected to moderate during the next three weeks of August as around three-fourths of debt servicing for the month was concentrated during the first week.

On Wednesday, it was confirmed that the International Monetary Fund (IMF) Executive Board meeting for the combined seventh and eighth review under the Extended Fund Facility (EFF) will be held on August 29. The board will approve a tranche of $1.17 billion for Pakistan.

The release will also unlock funding from friendly countries that will further shore up the country’s reserves.