A big achievement for the PTI government on the economic front
KARACHI: 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.