Pakistan’s Foreign Exchange Reserves Decline to $6.9 Billion, Highlights IMF Agreement Progress

The State Bank of Pakistan (SBP) has reported a Decline in the Country’s foreign Exchange Reserves by $136 Million, bringing the total to $6.904 billion as Per the latest update on Thursday. The SBP Clarified that the Overall liquid Foreign Reserves for Pakistan including those held by Commercial Banks, amounted to $12.0 Billion in the Week ending on December 15. This is in Contrast to the Previous Week’s total of $12.206.4 Million.

The decrease in SBP’s reserves to $6.9 Billion was attributed to Debt Repayments during the reviewed week. Meanwhile, Commercial Banks maintained a Net foreign Reserve of $5.1 Billion. In the Preceding week (ending on December 08, 2023), SBP’s Foreign exchange Reserves were $7,040.8 Million and Commercial Banks held $5,165.6 Million in net Foreign Reserves.


Read More: IMF Board Meeting on January 11 to Decide on $700 Million Tranche for Pakistan’s Economic Recovery

It’s worth noting that Pakistan has recently reached a Staff-level agreement with the International Monetary Fund (IMF) regarding the first Review Under Pakistan’s Stand-By Arrangement (SBA). The agreement is Contingent on approval from the IMF’s Executive Board. Upon approval an Estimated $700 Million will be made available Bringing the total disbursements under the Program to nearly $1.9 Billion.

Read More: Pakistani Rupee Gains Ground Against US Dollar: Positive Outlook Amid IMF Agreement and Financial Support

This development Signifies a positive financial Step for Pakistan as it reflects ongoing efforts to Stabilize and Strengthen the Country’s economic Position through international Collaborations. The agreement with the IMF is crucial in Securing financial Support that can Contribute to meeting the nation’s Economic challenges and ensuring a more Robust financial Outlook.