The State Bank of Pakistan (SBP) says that the central bank’s reserves increased by $90 million in one week, after which the foreign exchange reserves increased to more than $12.9 billion.
According to the details, the SBP said that the foreign exchange reserves of the central bank increased to more than $12.9 billion, while the reserves of commercial banks decreased by $3.6 million to $7.13 billion.
The SBP added that total foreign exchange reserves fell by $1.7 million to $20.4 billion.
The SBP spokesperson said that the increase in SBP’s reserves was due to the influx of foreign investment.
Earlier, the SBP has also announced that the current account deficit has decreased to $229 million from US$652 million last month.
The SBP Tweeted, “In January 2021, current account deficit reduced to $229mn from $652mn last month. For the first 7 months of FY21, the current account surplus is $912mn, a significant turnaround from the deficit of $2,544mn during the same period last year.”
“Compared to Jan20, exports grew steadily while remittances continued their record expansion. Imports of wheat and sugar to address domestic shortages, and palm oil, were significantly higher. Machinery imports continued to grow at double-digits, reflecting economic recovery,” the SBP added.