Pakistan’s Forex Reserves Rise To $23.22 Billion: SBP

The State Bank of Pakistan (SBP) said in a statement that the country’s foreign exchange reserves reached $23.22 billion.

From April 2 to April 9, the country’s foreign exchange reserves increased by 2.5 2.54 billion, according to data released by the central bank.

According to the central bank, the country’s total foreign exchange reserves currently stand at  $23.22 billion, of which the SBP has $16.10 billion, while the commercial banks have $7.11 billion.

The central bank said SBP’s reserves increased by $2.57 billion during April 2-9, while those of commercial banks declined by $38.3 million.

Earlier, SBP Governor Raza Baqir has said that various sectors of the economy are improving while remittances have increased by 26%.

Addressing a function at the Pakistan Stock Exchange, Raza Baqir said that the increase in remittances was welcome.

He said that the rate of increase in remittances was 43% as compared to last year.

Raza Baqir said that Eid is coming and remittances will be further increased.

Expressing gratitude to Pakistanis abroad, the Governor SBP said that increase in remittances would play a supportive role in the country’s economy.

He described the rise in economic signals as the difference between the first and third coronavirus.

This is the first difference between the first and third wave of Corona, he said.

Talking about Large Scale Manufacturing (LSM), Raza Baqir said that LSM has recorded an increase of 9% on an annual basis.

He said that if the event had been held a year ago and LSM had been mentioned, all its indicators would have been negative.

He said that the indicators in the supply and LMS sectors were positive while last year all the indicators were negative.

The Governor SBP said that the growth rate of essential commodities was 8.7 per cent.

“We are entering the third wave of the virus with a strong economic growth rate,” he said.

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