In a big economic development, Pakistan Foreign Exchange reserves register another boost

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In a big economic development, Pakistan Foreign Exchange reserves register another boost

ISLAMABAD: In a big economic development, Pakistan Foreign Exchange reserves register another boost.

The State Bank of Pakistan’s (SBP) net reserves increased by $120 million to $9.23 billion during the week ending December 6.

According to the central bank’s data, the country’s total foreign reserves stood at $16.4 billion.

The break-up of the foreign reserves position is as under:

Foreign reserves held by the State Bank of Pakistan: $9.23 billion

Net foreign reserves held by commercial banks: $6.81 billion

Total liquid foreign reserves: $16.4billion.

It is pertinent to mention here that State Bank of Pakistan had paid $1 billion against sukuk (Islamic bonds) in the first week of December. However, $1.3bn received from Asian Development Bank after 6th of December.

Earlier on December 5, the Foreign exchange reserve held by the State Bank of Pakistan had increased by US$ 431 million to US$ 9.11 billion during the week ending on November 29.