SBP reserves rise by a meagre $46m
The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $46 million during the week ending June 13. According to data released on Thursday, the reserves now stand at $11.721 billion, still significantly short of the $14bn target set for June 30. This leaves the central bank with a shortfall of $2.279bn and only 10 days remaining to bridge the gap.Given the limited time, it appears unlikely that the State Bank will be able to meet its year-end target. The country’s total foreign exchange reserves currently stand at $17bn, which includes $5.28bn held by commercial banks.