KARACHI: The State Bank of Pakistan’s foreign exchange reserves crossed $13 billion mark supported by arrival of government of Pakistan official inflows.

According to weekly foreign exchange reserves report issued Thursday, the SBP’s foreign exchange reserves surged by $ 484 million during the last week. With this increase, the SBP’s total foreign exchange reserves crossed $13 billion level reaching $13.415 billion mark during the week ended November 20, 2020 compared to $12.931 billion as on November 13, 2020.

The SBP’s reserves are continually showing upward trend for the last few weeks. During the previous week ended November 13, 2020, the SBP reserves also increased by $ 191 million to $ 12.931 billion. Overall, the increase in the foreign exchange reserves held by SBP stood at $ 675 million during the last two weeks.

However, during last week, net forex reserves held by commercial banks declined by $17.5 million to $7.137 billion.

The total liquid foreign exchange reserves held by the country increased by $ 466 million to stand at $ 20.552 billion at the end of last week against $20.086 billion a week earlier.