KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) rose by $556 million during the last week supported by inflows from China.

According to weekly foreign exchange report issued on Thursday, during the week ended on Feb 24, 2023, SBP received $700 million inflows as government of Pakistan commercial loan disbursement from China. After accounting for external debt repayments, SBP’s reserves increased by $556 million to $3.814 billion end of the last week compared to $3.258 billion a week earlier.

During the week under review, net foreign reserves held by commercial bank decreased $14 million to $5.454 billion.

The total liquid foreign exchange reserves held by the country stood at $9.268 billion as of Feb 24, 2023 up from $8.726 billion as of Feb 17, 2023.

Copyright Business Recorder, 2023