SBP Reserves Surge By $13.6 Million In One Week

The foreign exchange reserves held by the central bank increased by $13.6 million during the week, according to data released by the State Bank of Pakistan (SBP) on Thursday. On October 27, the foreign currency reserves held by the SBP were recorded at $7.507 billion, up $13.6 million compared to $7.494 billion on October 20. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $12.576.6 billion, down $79 million over the previous week. The net reserves held by banks stood at $5.068.8 billion, registering a decline of $92.6 million during the week.   It is pertinent to mention here that the IMF mission has arrived in Pakistan for talks over the first review of the lender’s $3 billion Standby Arrangement for the cash-strapped nation. The successful completion of the talks will result in the release of a loan tranche of roughly $700 million.