SBP reserves rise $252m to $10.9bn

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $252 million to $10,974.6 million during the week ending April 10, 2020, according to data released by the central bank on Thursday.

This rise is attributed primarily due to official inflows, the central bank said.

The news monetarily halts the trend of substantial drops in the SBP reserves, which had continued since March 13. SBP reserves fell from $12.8 billion to $10.7 billion between March 13 and April 3.

Net foreign reserves held by commercial banks also increased, from $6,265.7 million to $6,320.9 million

The total liquid foreign reserves held by the country rose from $16,988.2 million to $17,295.5 million.