Week-on-week: SBP’s reserves increase to $10,476m

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased 1.65% on a weekly basis on January 2, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves increased $171 million to $10,476 million compared to $10,305 million in the preceding week.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $15,212.7 million while net foreign reserves held by banks amounted to $4,736.9 million.

Pakistan’s foreign exchange reserves witnessed a rapid rise in December. During the week ending on December 19, the SBP received $1,221 million from multilateral, bilateral and other sources, which included $1,051 million received from the IMF. This resulted in a weekly increase of 10.9% in the SBP’s foreign exchange reserves. Similarly, the central bank’s liquid foreign reserves increased 10.6% on a week-on-week basis at the end of the first week of December.

Published in The Express Tribune, January 9^th,  2015.

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