KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) are gradually increasing. The reserves rose by some $384 million during the last three weeks. According to weekly foreign exchange report issued Thursday, the SBP's foreign exchange reserves surged to $12.182 billion during the week ended October 29, 2020 compared to $11.798 billion on October 9, 2020.

During the week ended October 16, 2020, the SBP's reserves increased by $ 268 million to $12.066 billion, due to arrival of the government of Pakistan's official inflows. During the week ended October 23, 2020, foreign exchange reserves held by the SBP mounted up by $55 million to $12.122 billion. While, during the last week ended October 292020, the SBP's reserves were climbed $ 61 million to $ 12.182 billion.

Weekly basis, net foreign exchange reserves held by commercial banks slightly declined $4 million to $7.171 billion end of the last week. Overall, the total liquid foreign exchange reserves held by the country stood at $19.354 billion end of the last week (October 29, 2020) up from $19.296 billion a week earlier.

Copyright Business Recorder, 2020