Official Reserves increase to USD 5.7 Bn

Gross Official Reserves increased to USD 5.7 billion at end June 2024 from USD 4.4 billion in end December 2023.

Reserves include the swap facility from the People’s Bank of China (PBOC), which is subject to conditionalities on usability. The increase in the GOR since end May 2024 was mainly due to the receipt of around USD 336 million by the International Monetary Fund subsequent to the completion of second review under the 48-month Extended Fund Facility (EFF) Arrangement.

Net purchases of foreign exchange from the domestic market by the Central Bank during the first six months of 2024 amounted to USD 1.8 billion, although there was a net supply of USD 57 million in June 2024.

Meanwhile, import coverage of GOR (including the PBOC swap) amounted to 3.9 months of imports as at end June 2024

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