SBP reserves up $157m to $18.7bn

KARACHI: The total liquid foreign reserves held by the country stood at $18,735.4 million on February 7, 2020, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Foreign reserves held by the SBP were recorded at $12,430.8 million, while net foreign reserves held by commercial banks were recorded at $6,304.6 million.

During the week ending February 7, SBP’s reserves increased by $157 million to $12,430.8 million.

The central bank did not cite any reason for the increase in reserves.

The total foreign reserves have consistently been on the rise for the past seven months. The reserves initially crossed the $15 billion mark in July 2019, crossed the $16 billion mark in November 2019, and finally crossed the $18 billion mark in January 2020. Much of the rise can be attributed to a reduction in the current account deficit.