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.
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.