SBP reserves rise $126mn to $17.33bn

KARACHI: The foreign exchange reserves held by the central bank rose 0.74% on a weekly basis, according to the data released by the State Bank of Pakistan (SBP) on Thursday.

On November 5, the foreign currency reserves held by the SBP were recorded at $17,326 million, up $126 million compared with $17,199.6 million on October 29.

According to the central bank, the increase was witnessed due to official government inflows.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $24,025.5 million. Net reserves held by banks amounted to $6,699.5 million.

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It is pertinent to mention here that the Kingdom of Saudi Arabia deposited $3 billion with the central bank and extended $1.2 billion of trade finance to support the country’s balance of payments.