SBP reserves surge $430m to $9.11bn

SBP reserves have increased by $1.8bn in five months FY20

The foreign exchange reserves held by the State Bank of Pakistan (SBP) surged 5pc on a weekly basis, according to data released by the central bank on Thursday.

On November 29, the forex reserves held by the SBP were recorded at $9,112.9 million, up $430.6 million compared with $8,682.3 million in the previous week. According to SBP data, such levels were last seen on April 26, 2019.

“In this fiscal year, the SBP reserves have increased by $1.8 billion,” stated the central bank.

“Foreign exchange swaps/forward liabilities have decreased by $1.95 billion between June and October 2019. Increase in the liquid SBP reserves and reduction in the swaps/forward liabilities reflects the build-up of foreign exchange buffers,” it added.

Article continues after this advertisement

Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $15,993.2 million. Net reserves held by banks amounted to $6,880.3 million.

- Advertisement -
- Advertisement -

Must Read

Bitcoin leaps 12pc to test recent peaks, Ether hits 3-week high

NEW YORK: Cryptocurrencies like Bitcoin popped to the top of recent ranges on Monday as short sellers bailed out in the wake of a...