Foreign exchange: SBP’s reserves cross $13 billion

SBP’s liquid foreign exchange reserves increased $772 million to $13.088 billion versus $12.316 billion last week

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased 6.2% on a weekly basis on June 26, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves increased $772 million to $13,088 million as opposed to $12,316 million in the previous week. The increase was mainly attributed to the receipt of $756 million from the World Bank, the SBP said.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $18,201.5 million while net reserves held by banks amounted to $5,113.3 million.

In April, foreign exchange reserves held by the SBP increased 5.1% because of the receipt of HBL’s privatisation proceeds. Reserves went up by almost 4% in April following the receipt of $538 million from multilateral, bilateral and other sources, including $498 million from the IMF.

They increased significantly in February when the SBP got $717 million on account of the Coalition Support Fund (CSF).

Published in The Express Tribune, July 3^rd,  2015.

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