SBP Reserves Increase by $272 Million in a Week

Pakistan’s foreign exchange reserves and central bank had steady growths in the month of May, with inflows of $272 million receipts in the last week that ultimately crossed the reserves position of the latter beyond $16 billion. According to the State Bank of Pakistan (SBP), the foreign exchange inflows that it had maintained had stood at $16.133 billion, while the reserves of Dollars maintained by the commercial bank had stood at $7.16 billion by the end of 28 May. ALSO READ SECP to Replace Appellate Bench With Financial Services Market Tribunal According to the SBP, the increase had come on the back of the official inflows of the Government of Pakistan (GoP). This had improved the level of the overall foreign exchange reserves to $23.29 billion by the end of May. During the week, the SBP reserves had increased by US$ 272 million due to the GoP’s official inflows. ALSO READ BoP and foodpanda Partner to Ensure Financial Inclusion through PM’s Kamyab Jawan Scheme The consistent inflows of foreign exchange, coupled with the stability in the current account, had strengthened the Rupee’s health against the Dollar, thereby translating its positive impacts on the macroeconomy.