SBP foreign reserves rise $272mn to $16.1bn

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by US$272 million and were recorded at $16,133 million during the week ending on May 28, ARY News reported.

According to the data released by the central bank, net reserves held by the SBP stood at $16,133.6 million.

Total liquid foreign #reserves held by the country stood at US$ 23.29 billion as of May 28, 2021. For details: https://t.co/WpSgomENV3 pic.twitter.com/XH007ERzqg

— SBP (@StateBank_Pak) June 3, 2021

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,294.1 million.

Net reserves held by banks amounted to $7,160.5 million.

The State Bank of Pakistan (SBP) today released its second quarterly report on the state of Pakistan’s economy for the fiscal year 2020-21.

The report highlighted the strengthening of the economic recovery during the second quarter of the fiscal year, which, it said, was evident from the growing pace of industrial activity, promising output of major Kharif crops (with the exception of cotton), and a pick-up in the services sector during the review period.

The large-scale manufacturing (LSM) grew by 7.6 percent during H1-FY21, with its growth in the second quarter accelerating to 10.4 percent, the highest quarterly LSM growth since Q4-FY07, the report said.