SBP reserves surge $558m to $12.7bn

The State Bank of Pakistan's foreign exchange reserves rose 4.57pc on a weekly basis, data released by the central bank read.

On November 6, the foreign currency reserves held by the SBP were recorded at $12,740.5 million, up $558 million compared with $12,182.6 million in the previous week.

According to the central bank, the increase in reserves was mainly attributed to the receipt of $500 million as government loan proceeds.

The overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,906.9 million. Net reserves held by banks amounted to $7,166.4 million.