SBP reserves jump $184mn to $11.9bn

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP), during the week ending January 24, increased by $184 million to $11.9 billion, ARY News reported on Thursday.

According to data released by the State Bank of Pakistan (SBP), the total liquid foreign reserves held by the country stood at $18,362.7 million on 24th of this month.

The break-up of the foreign reserves position is as under:

Foreign reserves held by the State Bank of Pakistan: $11,915.2 million

Net foreign reserves held by commercial banks: $6,447.5 million

Total liquid foreign reserves: $18,362 million.

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Read More:SBP reserves jump $82mn to $11.58bn

Earlier on January 28, the State Bank of Pakistan had announced to maintain the interest rate at 13.25 per cent after ruling out any possibility for making a reduction in view of real interest rate in its new monetary policy.

Dr Reza Baqir, while addressing a press conference after the conclusion of a session of Monetary Policy Committee (MPC) today, said the interest rate will be retained to 13.25 per cent, whereas, the inflation rate is expected to be maintained between 11-12 pc in the current fiscal year.

The SBP governor announced to increase volume of easy loans up to Rs200 billion for export sector. He stressed upon establishment of new factories by export sector which would create employment.

The Long-Term Finance Facilities will be available to every exporter, whereas, the limit of LTFF was jacked up to Rs5 billion in the new monetary policy. Moreover, an increase of Rs100 billion was also made in the volume of long-term loans.