SBP reserves jump $121mn to $9.23bn.


The foreign exchange reserves held by the central bank increased 1.32percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan's ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves.

On December 6, the foreign currency reserves held by the SBP were recorded at $9,233.6 million, up $120.7 million compared with $9,112.9 million in the previous week.

According to SBP data, such levels were last seen on April 26, 2019.

"During the week ending December 6, SBP made a repayment of Pakistan International Sukuk of $1 billion," the central bank stated. After accounting for multilateral and other official inflows during the week, SBP reserves increased by $121 million, it added.

The central...

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