Foreign reserves cross $27b mark for the first time, says SBP

KARACHI: The foreign exchange reserves of the country increased to $27,227.7 million on a weekly basis, State Bank of Pakistan (SBP) said on Thursday.

According to details, the foreign exchange reserves held by the central bank surged 14.6 percent on a weekly basis to hit an all-time high of $20.15 billion. Overall liquid foreign currency reserves held by the banks, other than the central bank, amounted to $7,082.1 million, said the SBP.

On August 27, the foreign currency reserves held by the SBP were recorded at $20,145.6 million, up $2,751.8 million compared with $17,578.9 million on August 20.

On August 23, 2021, the central bank received general allocation of Special Drawing Rights (SDRs) from the International Monetary Fund (IMF) of $2,751.8 million, which helped lift reserves to a historic high level. - TLTP