SBP reserves rise $139m to $12.6bn

KARACHI: The foreign exchange reserves held by the central bank increased $139.1 million or 1.12pc on a weekly basis, according to data released by the State Bank of Pakistan on Thursday.

On Aug 13, the foreign currency reserves held by the SBP were recorded at $12,608.4 million, as compared to $12,469.3 million in the previous week.

According to the central bank, the reserves increased mainly due to proceeds of $249.4 million from the Asian Infrastructure Investment Bank (AIIB).

Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,655.5 million. Net reserves held by banks amounted to $7,047.1 million.

Meanwhile, Samiullah Tariq, head of research at Pak Kuwait Investment Company stated, “The SBP is preferring to accumulate reserves which is why despite weaker parity, the reserves are increasing.”

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