Foreign currency: Reserves increase 3.7% week-on-week
During the week ending May 16, on account of external debt servicing and other official payments, the SBP made payments of $207 million from its reserves. PHOTO: FILE
Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week increase of 3.7% on May 16, according to data released on Thursday.
The central bank’s foreign exchange reserves increased $300 million to $8,320 million compared to $8,020 million in the previous week. The increase in the central bank reserves is primarily attributed to inflows of $507 million from multilateral, bilateral, and other official sources, a spokesman for the SBP said.
During the week ending May 16, on account of external debt servicing and other official payments, the SBP made payments of $207 million from its reserves.
Total liquid foreign reserves held by the country, including net foreign reserves held by banks other than the SBP, stood at $13,132.8 million while net foreign reserves held by banks amounted to $4,812.5 million on May 16.
Published in The Express Tribune, May 23rd, 2014.