Foreign exchange: SBP’s reserves up $50m week-on-week

Total liquid foreign reserves, including net reserves held by banks other than SBP, stood at $13,443.9 million

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week increase of 0.6% on October 31, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves increased $50 million to $8,618 million from $8,568 million recorded in the preceding week.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,443.9 million while net foreign reserves held by banks amounted to $4,825.5 million.

The SBP did not mention any major inflows and outflows during the last week. The reserves are expected to get some boost early next month from the sale of shares in Oil and Gas Development Company on the London Stock Exchange.

The government is likely to receive around $800 million from the share float.

Published in The Express Tribune, November 7^th, 2014.

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