Forex reserves regain $17bn level

Karachi: Pakistan’s foreign exchange reserves regained $17 billion-mark with an addition of $99 million from the figures of the previous week, the State Bank of Pakistan (SBP) said on Thursday.

The reserves stood at $17.065 billion by the week ended on May 21 from $16.966 billion a week ago, it said.

The reserves held by the central bank were up by $113 million to $13.67 billion from the previous week’s $13.556 billion.

However, the reserves of the commercial banks were slightly down to $3.396 billion from $3.41 billion.

Pakistan’s foreign exchange reserves hit a record high of $17.956 billion by the week ended on March 26. However, it started depleting on scheduled debt repayments and fell below $17 billion last week.

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