State Bank’s forex reserves rise

KARACHI: The central bank’s foreign exchange reserves climbed to $11.489 billion during the week ended December 27 from $10.907 billion a week ago, the State Bank of Pakistan (SBP) reported on Thursday.

“The SBP reserves increased by $582 million to $11,489.4 million,” the central bank’s statement said. “This increase is attributed to bilateral and multilateral inflows, including proceeds of $452.4 million received from the IMF [International Monetary Fund] under EFF [Extended Fund Facility] program,” it added.

The total liquid foreign exchange reserves held by the country rose to $18.081 billion from $17.595 billion. The forex reserves; however, held by commercial banks fell to $6.592 billion, compared with $6.687 billion in the previous week.