ISLAMABAD – The foreign exchange reserves held by the central bank surged18pc on a weekly basis, according to data released by the State Bank ofPakistan (SBP) on Thursday.
On December 13, the foreign currency reserves held by the SBP were recordedat $10,892.9 million, up $1,659.3 million compared with $9,233.6 million inthe previous week. Such levels were last seen in May 2018.
The overall liquid foreign currency reserves held by the country, includingnet reserves held by banks other than the SBP, stood at $17,655.5 million.Net reserves held by banks amounted to $6,762.6 million.
“This increase is attributed to multilateral and other official inflowsincluding the $1.3 billion received from the Asian Development Bank (ADB),”said the SBP in a statement.
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“A major improvement in the foreign exchange reserves came from asignificant contraction in the current account deficit,” Taurus Securities’Deputy Head of Research Mustafa Mustansir said, citing a statement issuedby the SBP a couple of days ago.
