According to figures issued on Thursday, the State Bank of Pakistan’s (SBP) foreign exchange reserves climbed dramatically by $1.168 billion million on a weekly basis, reaching a 2.5-year high of $10.702 billion as of September 27.
The total amount of liquid foreign reserves that the nation possessed was $15.983 billion. There were $5.281 billion in net foreign reserves maintained by financial institutions.
The SBP obtained the first payment of Special Drawing Rights (SDR) 760 million, or $1.03 billion, from the International Monetary Fund (IMF) last week, which led to an increase in the foreign exchange reserves.
As of April 16, 2022, the dollar stockpile was last reported to be above $10.7 billion, bringing the SBP-held reserve to a 2.5-year high.
SBP’s foreign exchange reserves rose by $24 million last week.
Following its Executive Board’s approval of Pakistan’s $7 billion, 37-month Extended Fund Facility (EFF) last month, the IMF began inflowing funds.
On July 12, the staff-level agreement on the EFF in the range of SDR 5,320 million (about USD 7 billion) was agreed between the IMF team and the Pakistani authorities.
The government has secured assurances for external finance, according to State Bank of Pakistan Governor Jameel Ahmad earlier this month. It is hoped that the IMF Executive Board would take up Pakistan’s loan package in September.
At an analyst conference following the monetary policy decision, Ahmad stated, “The administration has arranged external financing.” “We hope the case of Pakistan will be taken up by the IMF in September.”
Julie Kozack, a spokesperson for the IMF, confirmed the situation during an anticipated press event on the same day.
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