SBP’s reserves up $14.4m to $8.055bn

Despite repayment of dollar one billion external debt, the State Bank of Pakistan (SBP) successfully managed to maintain its foreign exchange reserves above the level of $8 billion by the end of last week.

According to a weekly FX report issued on Thursday, the SBP’s reserves increased by $ 14.4 million to $ 8.055 billion as of April 12, 2024 compared to $8.04 billion as of April 5, 2024.

Pakistan has executed the repayment of foreign debt worth $1 billion (including principal and interest) on April 12, against a 10-year Eurobond, launched in 2014 and matured in April 2024. With this payment it was being estimated that SBP’s reserves will reduce to the $ 7 billion mark, however, SBP has successfully managed to maintain the reserves above the $8 billion level supported by improvement in the external account.