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SBP Reserves Increase by $61 Million

According to the data released by the State Bank of Pakistan (SBP) on Thursday, the foreign exchange reserves held by the central bank rose 0.5 percent on a weekly basis.

The foreign currency reserves held by the SBP on October 29 were recorded at $12,182.6 million, which is up $61 million as compared with $12,121.5 million in the previous week.

No particular explanation has been given for this increase by the central bank.

The overall liquid foreign currency with the SBP, including net reserves, stood at $19,353.6 million. The net reserves held by banks amounted to $7,171 million.

In the recent past, the jump in reserves has come twice: once when Pakistan received from the International Monetary Fund (IMF) the first loan tranche of $991.4 million on July 9, 2020, then in late December 2020 the second loan tranche of around $454 million.

In December 2019, the foreign exchange reserves surpassed the $10 billion mark due to the inflows from multilateral lenders including $1.3 76 billion from the Asian Development Bank (ADB).

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