State bank of Pakistan announced the increase of 146 million US dollar in the foreign reserves of Pakistan.
According to the details, foreign exchange reserves held by the State Bank of Pakistan (SBP), during the week ending January 17, increased by $146 million to $11.73 billion.
Data shared by the central bank shows that the total liquid foreign reserves held by the country stood at $18,271 million on 17th of this month. The break-up of the foreign reserves position is as under:
Foreign reserves held by the State Bank of Pakistan: $11,731.5 million
Net foreign reserves held by commercial banks: $6,539.5 million
Total liquid foreign reserves: $18,271 million
Earlier on January 16, the State Bank of Pakistan’s (SBP) net reserves had increased by $82.3 million to $11.58 billion during the week ending January 10.
According to the data released by the central bank, the country’s total foreign reserves stood at $18.12 billion.
State bank also said in the statement issued last week that Moody’s Investors Services upgraded Pakistan’s outlook from ‘negative’ to ‘stable’ last month, reaffirming the country’s rating of B3, whereas in June 2018, Moodys had downgraded outlook to ‘negative’.
Similarly, Pakistan’s ranking in the Ease of Doing index also moved higher by 28 points while the World Bank ranked Pakistan among the Top 10 reformers last year. Likewise, Bloomberg had showcased Pakistan Stock Exchange as the top performing market in the world in the last three months. PSX benchmark KSE 100-share Index gained 50 percent in dollar terms since August last.
The statement by the Finance Division also mentioned the remittances which had increased by 3 per cent to 11.4 billion dollars during Jul-Dec period. Similarly, after 4 years of outflow, net portfolio investment went up to 1.4 billion dollars during the Jul-Dec FY20.