KARACHI: In a big economic development, Pakistan Foreign Exchange reservesregister massive rise.
The State Bank of Pakistan’s (SBP) net reserves increased by $1.65 billionto $10.89 billion during the week ending December 13.
According to the central bank’s data, the country’s total foreign reservesstood at $17.65 billion.
The break-up of the foreign reserves position is as under:
Foreign reserves held by the State Bank of Pakistan: $10.89 billion
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Net foreign reserves held by commercial banks: $6.76 billion
Total liquid foreign reserves: $17.65billion.
Earlier in the day, the governor of the State Bank of Pakistan (SBP), DrReza Baqir link,hinted that more time will be required for making a reduction in theinterest rate of the country.
