*KARACHI: Net foreign exchange reserves held by the State Bank of Pakistan(SBP) were recorded at $15.86 billion during the week ending on May 21,showing an increase of $88 million.*
According to the central bank, overall liquid foreign currency reservesheld by the country, including those held by banks other than the SBP,stood at $23.015 billion.
Net reserves held by commercial banks were reorded at $7.15 billion.
Earlier, on May 25, the SBP said the country’s current account balance(CAB) posted a “small deficit” of $200 million in April 2021 – 61 per centlower than in April 2020.
The central bank in a statement said, “Through the first 10 months of FY21,CAB remains in surplus of $800mn, a significant turnaround from the $4.7bndeficit during the same period last year.”
Read Top Stories
With the economy rebounding strongly in the current fiscal year, importsare picking up but are offset by unprecedented growth in remittances andrecovery in exports, the SBP said. “With the CAB contained and FX [ForeignExchange] reserves at a 4yr high, the economic revival is on a sound andsustainable footing,” it added.
Source:link
