SBP reserves up $32m to $12.8bn

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $32 million to $12,789.9 million during the week ending March 6, 2020, according to data released by the central bank on Thursday.

The total liquid foreign reserves held by the country stood at $18,904.6 million.

Net foreign reserves held by commercial banks increased marginally, from $6111.5 million in the week ending February 28, to $6114.7 million in the succeeding week.

The central bank did not cite a reason for the increase in state bank reserves, or slight increase in net foreign reserves held by commercial banks.

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The total liquid foreign reserves have consistently been on the rise for the past eight months. The total 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.

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