Money in the bag: Forex reserves increase 6.8%

The central bank’s foreign exchange reserves increased by $222 million to reach a total of $3,467 million compared to $3,245 million in the preceding week. CRETAIVE COMMONS

KARACHI: 

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased 6.8% during the week ending on January 10, according to data released by the SBP on Thursday.

The central bank’s foreign exchange reserves increased by $222 million to reach a total of $3,467 million compared to $3,245 million in the preceding week.

According to a spokesperson for the central bank, the increase in the SBP’s reserves is partly attributed to $58 million received from multilateral and bilateral sources, including $35 million from USAID and $23 million from other multilateral institutions.

On account of external debt servicing and other official payments, the SBP spokesman said the central bank has made payments of $36 million. Out of this, $26 million was paid to the International Monetary Fund from the SBP’s reserves during the week under review, the spokesman added.