SBP reserves soar to $17.2bn

The foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by 0.3% on a weekly basis, data released by the central bank showed.

During the week ending on Oct 29, the foreign currency reserves held by the SBP were recorded at $17,199.6 million, showing an increase of $53 million compared with $17,146.7 million on October 15.

The country’s overall liquid foreign currency reserves, including net reserves held by commercial banks, stood at $23,925.9 million.

Net reserves held by banks clocked in at $6,726.3 million.

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.

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