SBP’s reserves go beyond $17 billion

Net reserves held by banks amounted to $4,902 million

Our Correspondent February 23, 2017
State Bank of Pakistan. PHOTO: EXPRESS

KARACHI: After declining for three successive weeks, foreign exchange reserves held by the country’s central bank registered an increase, moving beyond the $17-billion mark.

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased 0.20% on a weekly basis on February 17, according to data released by the central bank on Thursday.

The SBP’s liquid foreign exchange reserves increased by $34.4 million to $17,027.8 million compared to $16,993.4 million in the previous week. Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, now stand at $21,929.8 million. Net reserves held by banks amounted to $4,902 million.

Last week SBP’s reserves declined on account of government debt and other payments. Over a week ago, the SBP made loan repayment of $500 million to the State Administration of Foreign Exchange (SAFE), China.

Published in The Express Tribune, February 24th, 2017.

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