SBP reserves up by $1.65 billion
- By Web Desk -
- Dec 19, 2019
KARACHI: The State Bank of Pakistan’s (SBP) net reserves increased by $1.65 billion to $10.89 billion during the week ending December 13, ARY News reported on Thursday.
According to the central bank’s data, the country’s total foreign reserves stood at $17.65 billion.
The break-up of the foreign reserves position is as under:
Foreign reserves held by the State Bank of Pakistan: $10.89 billion
Read More: SBP’s reserves rise $120 million to $9.23bn
Net foreign reserves held by commercial banks: $6.76 billion
Total liquid foreign reserves: $17.65billion.
Earlier in the day, the governor of the State Bank of Pakistan (SBP), Dr Reza Baqir, hinted that more time will be required for making a reduction in the interest rate of the country.
Reza Baqir, while addressing an event of the central bank in Faisalabad, however, said that improvements are being witnessed in the stock market but it will take more time to reduce the interest rate.
He said that people have raised concerns over increasing US dollar rates. He added that the current interest rate is standing at 13.25 per cent which had been maintained at 17 to 18 per cent in the past.