SBP reserves jump $853m to $7.8bn
Foreign exchange reserves of the State Bank of Pakistan (SBP) surged by $853 million during the week ended on Dec 22. The central bank reported on Thursday that its forex holdings increased to $7.757bn from $6.9bn on Dec 15. However, the SBP did not provide details about the inflows, only saying that it was the receipt of official Government of Pakistan inflows. However, sources in the financial sector said the inflows were from the Asian Development Bank and the World Bank. The total foreign exchange reserves of the country reached $12.855bn while the holdings of the commercial banks were $5.098bn.