Pakistan’s gold reserves have dropped to $5.43 billion in December 2024, reflecting a decline of $83.25 million or 1.5% compared to November. This marks a concerning trend in the country’s economic landscape.
Decline in Official Reserve Assets
The State Bank of Pakistan (SBP) released monthly data highlighting that the total official reserve assets fell to $18.28 billion in December. This includes foreign currency reserves, gold, Special Drawing Rights (SDRs), and other reserve assets. Compared to November’s $18.69 billion, this decline amounts to $404.56 million or 2.2% month-on-month (MoM).
Foreign Currency Reserves Increase
Interestingly, foreign currency reserves recorded an increase, standing at $7.75 billion. This represents a growth of $937.33 million or 13.8% from $6.81 billion in the previous month. These reserves comprise securities, currency, and deposits held by the SBP with banks in Pakistan and abroad.
Other Reserve Assets and SDRs Plummet
Pakistan’s other reserve assets showed a significant drop to $5.05 billion, down $1.03 billion or 16.9% compared to November’s $6.07 billion. Furthermore, SDRs, an international reserve asset valued based on five major currencies, plunged by 81.2% to $54.06 million. This marks a substantial reduction from $287.49 million in November.
IMF Reserve Position Declines
The reserve position in funds, representing Pakistan’s quota with the International Monetary Fund (IMF), also recorded a slight decrease, now standing at $0.16 million. This decline reflects the ongoing challenges faced by the country in maintaining its financial stability.
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