SBP foreign reserves rise $2mn to $16.42bn

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves were recorded at 16,417.3 million during the week ending on June 11, showing an increase of $4 million or 0.01%.

According to the central bank, Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,586.5 million.

Total liquid foreign #reserves held by the country stood at US$ 23.59 billion as of June 11, 2021. For details: https://t.co/WpSgomnd3v pic.twitter.com/nzcScX7pb3

— SBP (@StateBank_Pak) June 17, 2021

Net reserves held by banks amounted to $7,169.2 mn. The central bank gave no reason for the increase in reserves.

The State Bank of Pakistan (SBP) today directed banks to provide free of cost digital fund transfer services to individuals for up to Rs25,000 per account/wallet.

However, the SBP said, banks may charge individuals a transaction fee of no more than 0.1% or Rs200 for fund transfer exceeding the aggregate limit of Rs25,000