SBP Reserves Sustain $12 Billion Level After Marginal Increase

The foreign exchange reserves held by the State Bank of Pakistan (SBP) increase by $13 million on a weekly basis according to data issued by the central bank on Thursday.     According to the latest data released by the SBP, on December 06, the foreign currency reserves held by the SBP were recorded at $12.051 billion, up $13 million compared to $12.038 billion on November 29. The central bank reserves are currently at their highest level since March 2022.  It is pertinent to mention here that SBP reserves went up by over $600 million last week as the central bank received $500 million from Asian Development Bank (ADB) as proceeds of a loan to the Government of Pakistan for Climate Change and Disaster Resilience Enhancement Program (CDREP).  Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $16.601 billion, down 19 million over the previous week.  The net reserves held by banks were recorded at $4.550 billion, registering a decrease of $32 million during the week.