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 onNovember 22.
However, reserves of commercial banks slipped by $120mn to $6bn during thesame 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 $40million to $8.39 billion during the second week of November.
Earlier on November 22, the country’s current account deficit, in the firstfour months of the current fiscal year, had shrunk by a massive 73.5 percent to $1.5 billion.
Read Top Stories
In a statement, State Bank of Pakistan (SBP) had said that the improvementreflected a notable reduction in imports, a modest growth in exports andsteady workers’ remittances.
“On account of favorable balance of payment developments, the rupee hasappreciated 5.6 percent since its low in June 2019,” the statement had read.
