SBP Reports Increase in Foreign Exchange Reserves Amid IMF Negotiations

Karachi, The State Bank of Pakistan (SBP) recorded a slight growth in its foreign exchange reserves, as recent figures indicate an incremental rise, boosting the economic outlook amidst ongoing financial negotiations with international entities.

According to Zameen.Com, the SBP's foreign exchange reserves experienced a modest increase, with a USD 4 million climb, as reported on March 28. The central bank's reserves were noted at USD 8.022 billion as of March 22, compared to USD 8.018 billion on March 15. The total of Pakistan’s liquid foreign currency reserves, including those held by banks outside of the SBP, reached USD 13.428 billion, showing an overall improvement of USD 37 million from the previous tally.

This financial update coincides with a provisional agreement between the International Monetary Fund (IMF) and Pakistani officials, concluding the final review under Pakistan’s Stand-By Arrangement. This pending approval by the IMF’s Executive Board promises to release a crucial USD 1.1 billion tranche to Pakistan, anticipated to significantly reinforce the national reserves.