The State Bank of Pakistan has witnessed a 1.98 per cent increase in its foreign exchange reserves after an influx of $261 million during the week ending on December 31, 2020.
According to the data issued by the central bank on Thursday, the current exchange reserves stand at $13.4 billion as of now. The state-run news agency, APP, reported that overall liquid foreign currency reserves, including net reserves held by the banks, SBP excluded, stood at $20,512.1 million.
Net foreign reserves held by commercial banks clocked in at $7.09 billion. According to the State Bank, the increase came on the back of official inflows of the government.
On Wednesday, the Pakistan Stock Exchange (PSX) gained over 500 points to cross the 45,000-point threshold for the first time since May 2018. According to the reports, “Exploration & production and oil & gas marketing sectors rebounded strongly, whereas cement and fertilizer sectors continued with previous day’s positive momentum.”
“International crude oil prices jumped significantly on the conclusion of agreement among OPEC+ countries, which became the basis for an uptick in E&P stocks. Cement sector leaped on the expectation of an increase in cement price in the northern region, while banking sector contributed positively in anticipation of annual results.”