SBP reserves rise $88 million in a week

sbp foreign exchange reserves

KARACHI: Net foreign exchange reserves held by the State Bank of Pakistan (SBP) were recorded at $15.86 billion during the week ending on May 21, showing an increase of $88 million.

According to the central bank, overall liquid foreign currency reserves held by the country, including those held by banks other than the SBP, stood at $23.015 billion.

Net reserves held by commercial banks were reorded at $7.15 billion.

Earlier, on May 25, the SBP said the country’s current account balance (CAB) posted a “small deficit” of $200 million in April 2021 – 61 per cent lower than in April 2020.

The central bank in a statement said, “Through the first 10 months of FY21, CAB remains in surplus of $800mn, a significant turnaround from the $4.7bn deficit during the same period last year.”

With the economy rebounding strongly in the current fiscal year, imports are picking up but are offset by unprecedented growth in remittances and recovery in exports, the SBP said. “With the CAB contained and FX [Foreign Exchange] reserves at a 4yr high, the economic revival is on a sound and sustainable footing,” it added.

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