SBP reserves rise $53m to $17.2b

The foreign exchange reserves held by the central bank rose 0.3% on a weekly basis, according to the data released by the State Bank of Pakistan (SBP) on Thursday.

On October 29, the foreign currency reserves held by the SBP were recorded at $17,199.6 million, up $53 million compared with $17,146.7 million on October 22.

The central bank gave no reason for the increase in reserves. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,925.9 million. Net reserves held by banks amounted to $6,726.3 million.

Earlier in the week ended on August 27, the foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the International Monetary Fund (IMF) on August 24.

On March 30, 2021, Pakistan borrowed $2.5 billion through Eurobonds by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves.