Pakistan’s total foreign reserves reach $14.74 billion

The total liquid foreign reserves of Pakistan stood US$14.74 billion as of August 30, 2024 while the reserves held by the central bank were recorded as $9,436.8 million.

The State Bank of Pakistan (SBP), in a statement issued here on Thursday, informed that liquid foreign reserves held by the central bank increased by $33 million to $9,436.8 million during the week ending on August 30, 2024.

Meanwhile, net foreign reserves held by commercial banks were recorded as $5,303.1 million during the week under review, it added.

Total liquid foreign reserves held by the country, in the previous week ended on August 23, 2024, were $14,776.3 million.

Among them foreign reserves held by the central bank were recorded as $9,403.4 million while $5,372.9 million were held by commercial banks.

Read more: Pakistan’s economy stabilized after IMF deal: S&P

On July 29, in a positive development, Fitch Ratings upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC’.

“The upgrade reflects greater certainty over the continued availability of external funding, in the context of Pakistan’s staff-level agreement (SLA) with the IMF on a new 37-month USD7 billion Extended Fund Facility (EFF),” Fitch company said in a statement on Monday.

“Nevertheless, Pakistan’s large funding needs leave it vulnerable if it fails to implement challenging reforms, which could undermine program performance and funding,” it warned.