Country's foreign currency reserves hit 21-month high

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $191 million to $12.93 billion during the week ended on November 13.

The central bank tweeted: “SBP reserves have increased to US$12.93 billion as of November 13, 2020, which is the highest level since February 2, 2018.”

Also Read: Pakistan’s trade deficit shrinks by 7.41% in October

It said the overall liquid foreign exchange reserves held by the country increased to $ 20.085 billion hitting a 21-month high. Whereas, the commercial bank’s foreign reserves were recorded at $7.154 billion.

SBP said Pakistan’s current account balance remained in surplus for the fourth month in a row at $382 million in October 2020 as against $59 million in September.

Also Read: Current account balance in surplus highest in 17 years: PM Imran Khan

The central bank attributed the current account surplus to an increase in workers’ remittances and a reduced trade deficit.