Governor SBP says country's economy improving with every passing day

KARACHI: Governor State Bank of Pakistan (SBP) Reza Baqir said on Saturday that country’s foreign reserves are increasing, today’s situation is far better as compared to the past, ARY News reported.

Speaking to journalists after attending a seminar in Karachi, Reza Baqir said people are now taking interest in saving.” Masses have changed their currency accounts into savings”, he continued.

The governor SBP said the economic situation of the country is improving with every passing day, the decision to change exchange rate now paying fruits.

Mr. Reza Baqir said Pakistan was badly affected due to terrorism and added that Islamabad working to fulfill requirement of the Financial Action Task Force (FATF), which are in favour of Pakistan.

On Thursday, the State Bank of Pakistan’s (SBP) net reserves were increased by $120 million to $9.23 billion during the week ending December 6.

According to the central bank’s data, the country’s total foreign reserves stood at $16.4 billion.

According to the breakup, foreign reserves held by the State Bank of Pakistan stood at $9.23 billion, while net foreign reserves held by commercial banks were recorded at $6.81 billion.

Total liquid foreign reserves: $16.4billion.

It is pertinent to mention here that State Bank of Pakistan had paid $1 billion against sukuk (Islamic bonds) in the first week of December. However, $1.3bn received from Asian Development Bank after 6th of December.