SBP records $74m increase in foreign reserves

KARACHI: The State Bank of Pakistan (SBP) witnessed an increase of US$74 million in its foreign reserves during the week ending Feb 14.

According to the central bank, the total liquid foreign reserves held by the country stood at $18.74 billion.

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Of the total, foreign reserves held by the State Bank of Pakistan were recorded at $12.50 billion, while those held by commercial banks at $6.24 billion.

During the week ending February 14, 2020, SBP reserves increased by $74 million to US$ 12.50 billion.

Earlier, on Feb 18, Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh had said foreign direct investment (FDI) has witnessed a surge of 66 per cent during seven months of the year 2019-20 as compared to last year.

Taking to Twitter, Hafeez Sheikh said, “Foreign Direct Investment rises 66% to $1.56 billion in July-Jan 2020 as compared to the same period last year. In January 20, net FDI was $223 million, 52% higher than January 19.”