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SBP foreign reserves surge $19mn to $12.9bn

KARACHI: The foreign exchange reserves in the country have witnessed an increase of US$19 million in the week ending on February 19, ARY News reported quoting the State Bank of Pakistan (SBP).

According to the data released by the central bank, net reserves held by the SBP stood at $12,908 million.

Overall liquid foreign reserves held by the country stood at US$ 20.041 billion as of February 19, 2021. Net reserves held by banks amounted to $7,132 million.

The State Bank of Pakistan (SBP) on Monday announced that the current account deficit has reduced to US$229 million in January 2021 from US$652 million last month.

Read More: ‘Great news’: PM says Pakistan posted $447mn current account surplus in Nov

Taking to Twitter, the SBP said that for the first seven months of the fiscal year 2020-21, the current account surplus is $912 million, a significant turnaround from the deficit of $2,544million during the same period last year.

It further said that as compared to January 2020, exports grew steadily while remittances continued their record expansion.

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