State Bank’s reserves rise to $9.1bn

The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $75 million to $9.102 billion during the week ending July 26, announced the central bank on Thursday. The SBP did not mention the source of this inflow. However, the market people know the central bank regularly buys dollars from the interbank market to build its reserves. “Before this increase, the SBP’s forex holdings recorded a decline of $397m to $9.027bn in the preceding week from $9.423bn. The State Bank said the outflow was for the debt servicing. The country’s total liquid foreign reserves stood at $14.39bn, and its net foreign reserves held by commercial banks were $5.29bn.