SBP reserves surge $443m to stand at $8.4bn

The foreign exchange reserves held by the central bank jumped 5.6pc on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On November 1, the foreign currency reserves held by the SBP were recorded at $8,357.6 million, up $443.3 million compared with $7,914.3 million in the previous week. The SBP, in its report, cited 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 $15,517.9 million. Net reserves held by banks amounted to $7,160.3 million.