Forex reserves rise $177m to $15.8b

The foreign exchange reserves held by the central bank rose 1.13% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Monday.

On May 7, the foreign currency reserves held by the SBP were recorded at $15,774.5 million, up $177 million compared with $15,597.9 million in the previous week.

According to the central bank, the rise came on the back of official inflows of the government. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $22,910.3 million. Net reserves held by banks amounted to $7,135.8 million.

The reserves also jumped on account of $2.5 billion in inflows from China.