Nominal increase: SBP’s reserves clock in at $8.494b

No major inflow or outflow recorded during the week under consideration

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a nominal increase of 0.08% on a weekly basis on November 14, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves increased by $7 million to $8,494 million compared to $8,487 million in the preceding week. No major inflow or outflow was recorded during the week under consideration, the SBP said.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,228.1 million while net foreign reserves held by banks amounted to $4,734.4 million.

Reserves were expected to increase by around $750-800 million following the sale of shares in Oil and Gas Development Company on the London Stock Exchange. But the government scrapped the deal after poor response from international investors.

Published in The Express Tribune, November 21^st, 2014.

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