Week-on-week: Forex reserves increase 0.5%
Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $15,238.2 million . PHOTO: REUTERS
Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased 0.5% on a weekly basis on February 6, according to data released by the central bank on Thursday.
SBP’s liquid foreign exchange reserves increased by $58 million to $10,417 million compared to $10,359 million in the previous week.
Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $15,238.2 million while net foreign reserves held by banks amounted to $4,821.6 million. Reserves are likely to go up soon because of the approval of a $550-million tranche by the International Monetary Fund (IMF).
Pakistan’s foreign exchange reserves witnessed a rapid rise in the last month of 2014 when the SBP received $1,221 million from multilateral, bilateral and other sources. This was preceded by another 10.6% weekly rise in the SBP’s liquid foreign reserves.
Published in The Express Tribune, February 13th, 2015.