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SBP reserves up $19m

Updated August 10, 2018

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KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $19 million to $10.369 billion during the week ended on Aug 3.

On the other hand, commercial bank holdings have substantially declined by $95m to $6.635bn, according to a press release issued by the SBP on Thursday.

Reserves held by the commercial banks witnessed an upward trajectory for the most part during FY18 due to increased local deposits. However, in the wake of the sudden uncertainties in the exchange rates, general public rushed to protect their savings by investing in dollars.

During the week under review, the country’s overall liquid foreign exchange reserves witnessed a decline of $74.7m to $17.005bn from the preceding week’s $17.079bn.

Published in Dawn, August 10th, 2018