SBP reserves surge to $12.8b

KARACHI: The State Bank of Pakistan’s (SBP) net reserves increased by $95 million to $12.8 billion during the week ending on 4th of September.

In a statement, the central bank attributed the surge mainly to the loan by Asian Development Bank that reflected in the balance sheet.

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Detailing the position of the reserves, the SBP said that the overall foreign reserves of the country stood at 19,961.3 million. Giving its breakup, it said that the SBP currently held the foreign reserves of up to $12.8 billion and over 7,153 million reserves held by the commercial banks.

Earlier on September 4, the State Bank of Pakistan’s (SBP) net reserves had increased by $71.9 million to $12.7 billion during the week ending 28th of August.

Detailing the position of the reserves, the SBP, in a statement had said that the overall foreign reserves of the country stood at $19.84 billion.

It said that the SBP currently held the foreign reserves of up to $12.7 billion and over $7.13 billion reserves held by the commercial banks.