Pakistan Foreign Exchange Reserves register significant increase: Report

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Pakistan Foreign Exchange Reserves register significant increase: Report

KARACHI: Pakistan Foreign Exchange Reserves register significant increase, Media Report has revealed.

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $240 million to $8.68 billion during one week ending on November 22.

However, reserves of commercial banks slipped by $120mn to $6bn during the same period. The country’s total reserves have also rose to over $15.57bn.

It is pertinent to mention here that SBP’s reserves had increased by $40 million to $8.39 billion during the second week of November.

Earlier on November 22, the country’s current account deficit, in the first four months of the current fiscal year, had shrunk by a massive 73.5 per cent to $1.5 billion.

In a statement, State Bank of Pakistan (SBP) had said that the improvement reflected a notable reduction in imports, a modest growth in exports and steady workers’ remittances.

“On account of favorable balance of payment developments, the rupee has appreciated 5.6 percent since its low in June 2019,” the statement had read.