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.

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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.

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