SBP’s foreign exchange reserves fall by $136m to $6.9bn

KARACHI: The foreign exchange reserves held by State Bank of Pakistan (SBP) have dropped to $6.904 billion after a decrease of $136 million, ARY News reported on Thursday.

In a statement issued today, the SBP said the country’s total liquid foreign reserves stood at $12.0 billion in the week ended on December 15, compared to the previous week’s total of $7.04 billion.

The SBP said its reserves decreased by $136 million to $ 6.9 billion due to debt repayments during the week under review. Meanwhile, net foreign reserves held by commercial banks remained $5.1 billion.

Total liquid foreign reserves held by Pakistan, in the previous week ended on December 08, 2023, were $12,206.4 million.

Among them, foreign exchange reserves held by SBP were $ 7,040.8 million while net foreign reserves held by commercial banks were $ 5,165.6 million.

Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement on the first review under Pakistan’s Stand-By Arrangement (SBA).

The agreement is subject to the approval of IMF’s Executive Board after approval around US$700 million will be available bringing total disbursements under the program to almost US$1.9 billion.

According to details, the agreement is subject to approval of the IMF’s Executive Board and upon approval around 700 million US dollars will become available bringing total disbursements under the program to almost 1.9 billion US dollars.