SBP says forex reserves rise to $11.5bln

KARACHI: The foreign exchange reserves held by the central bank increased $14 million to $11.503 billion during the week ended January 3 from $11.489 billion a year ago, the State Bank of Pakistan (SBP) said on Thursday.

Total liquid foreign exchange reserves held by the country stood at $18.084 billion, compared with $18.081 billion in the previous week. The forex reserves held by commercial banks; however, fell to $6.581 billion from $6.592 billion, it added.

Also read: Pakistan's net foreign reserves increase by $36mn: SBP

SBP report

The SBP, in its first quarterly report on the State of Pakistan’s Economy for FY20, had on Monday said, "Pakistan's economy moved progressively along the adjustment path, but inflation reached the highest level during the last seven years."

Pakistan’s economic growth is unlikely to meet the target of 4 percent this fiscal, due to soft trends in agriculture and manufacturing production, the central bank said, advising the government to address structural vulnerabilities to put the economy on a sustainable growth trajectory.

Originally published in The News