{"id":44370,"date":"2024-08-08T22:24:15","date_gmt":"2024-08-08T17:24:15","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=44370"},"modified":"2024-08-08T22:24:15","modified_gmt":"2024-08-08T17:24:15","slug":"pakistans-forex-reserves-increase-by-51-million-over-previous-week","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/pakistans-forex-reserves-increase-by-51-million-over-previous-week\/","title":{"rendered":"Pakistan\u2019s forex reserves increase by $51 million over previous week"},"content":{"rendered":"<p>ISLAMABAD: The <a href=\"https:\/\/dailyausaf.com\/en\/business\/sbp-cuts-key-policy-rate-by-100bps-to-19-50pc\/\">State Bank of Pakistan<\/a> (SBP) reported a slight increase in its foreign exchange reserves, which rose by $51.1 million or 0.56 percent to $9.15 billion for the week ended August 2, 2024.<\/p>\n<p>This week-on-week improvement reflects a positive change in Pakistan&#8217;s financial stability.<\/p>\n<p>A significant increase was also seen in the country&#8217;s total reserves, which rose by $80.2 million or 0.56 percent to $14.47 billion. Commercial banks contributed to the increase, with their deposits increasing by $29.1 million, or 0.55 percent, to $5.32 billion.<\/p>\n<p>Despite this recent growth, State Bank&#8217;s reserves have declined by $236.2 million or 2.52 percent since the beginning of the current fiscal year. However, the broader picture for the calendar year is more optimistic, with reserves increasing by $932.1 million, or 11.34 percent.<\/p>\n<p>In a major development, Pakistan has negotiated a $7 billion loan agreement with the<a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/finance-minister-anticipates-approval-of-imf-staff-level-agreement-by-end-of-august\/\"> International Monetary Fund<\/a> (IMF), pending approval by the IMF&#8217;s Executive Board. This loan is expected to further improve the financial condition of the country.<\/p>\n<p>Additionally, State Bank Governor Jameel Ahmed has given assurances about the country&#8217;s fiscal outlook. He confirmed that more than $16 billion of the outstanding debt for fiscal year 2025 will be paid by friendly countries.<\/p>\n<p>The rollover would ease the government&#8217;s fiscal pressure, reducing the remaining debt payments for the fiscal year to $10 billion through June 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: The State Bank of Pakistan (SBP) reported a slight increase in its foreign exchange reserves, which rose by $51.1 million or 0.56 percent to $9.15 billion for the week ended August 2, 2024. This week-on-week improvement reflects a positive change in Pakistan&#8217;s financial stability. A significant increase was also seen in the country&#8217;s total [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":39493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[1247,160,20257],"class_list":["post-44370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-pakistan","tag-international-monetary-fund","tag-imf","tag-jameel-ahmed"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/44370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=44370"}],"version-history":[{"count":1,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/44370\/revisions"}],"predecessor-version":[{"id":44371,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/44370\/revisions\/44371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/39493"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=44370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=44370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=44370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}