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 to reach $9.1 billion as of July 26, 2024.
This positive shift follows a week of stable fluctuations in the country's foreign reserves. In contrast, the total reserves held by Pakistan 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.
The overall trend for the current fiscal year indicates a decrease in reserves held by the SBP, down by $287.3 million or 3.06%. This decline is offset by a notable increase of $881 million or 10.72% observed 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 have a substantial impact on the country’s financial stability and foreign reserves.
