Foreign exchange: Reserves increase 2.9% week-on-week

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased 2.9% on a weekly basis on May 13, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves increased $485 million to $16,518 million compared to $16,033 million in the previous week.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $21,319.4 million while net reserves held by banks amounted to $4,801.9 million.

SBP-held foreign exchange reserves had increased 3.1% on a weekly basis on April 1 after the central bank received $978 million during the week from multilateral, bilateral and other official sources.

Two months ago, foreign exchange reserves held by the SBP increased 3.5% on a weekly basis after it received $500 million from the IMF.

Published in The Express Tribune, May 20^th, 2016.

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