Pakistan Foreign Exchange Reserves register increase

Pakistan Foreign Exchange Reserves register increase

KARACHI: The foreign exchange reserves of Pakistan have registered modest increase in this week.

The Reserves held by the State Bank of Pakistan (SBP) rose 0.45% on a weekly basis, according to data released by the central bank on Thursday.

The SBP’s press release states, “On August 18, the foreign currency reserves held by the central bank were recorded at $14,375.1 million, up $64.6 million or 0.45%, compared to $14,310.5 million in the previous week, according to the central bank.”

However, no reason was cited for the increase.

According to the central bank, total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,046.3 million. Net reserves held by banks amounted to $5,671.2 million.

In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.