SBP's reserves improve

The State Bank of Pakistan's foreign exchange reserves moved up by $1.8 billion during first five months (July-Nov) of FY20.

According to weekly report issued Thursday, the SBP's foreign exchange reserves surged to $ 9.113 billion at the end of November 2019 compared to $ 7.272 billion as on June 28, 2019, showing an increase of $ 1.84 billion.

"The forex swaps and forward liabilities have reduced by $ 1.95 billion between June-Oct 2019. Increase in the liquid SBP reserves and the reduction of the swaps/forward liabilities reflects the build-up of foreign exchange reserve buffers," the SBP said.

However, during the period under review, reserves held by commercial banks declined by $ 29 million to $ 6.88 billion at the end of November 2019 down from $7.171 billion in June 2019.

The total liquid forex reserves held by the country increased by $ 1.55 billion to stand at $15.993 billion on November 29, 2019 versus $ 14.443 billion.

During last week ending November 29, 2019, the SBP's reserves rose by $ 431 million to $9.113 billion.