SBP reserves surge 12.9pc to stand at $8bn

ISLAMABAD: The total liquid foreign reserves held by the country as on July 12 stood at $15.24 billion after an increase of $918 million (12.9pc).

According to the State Bank of Pakistan (SBP), foreign reserves held by the central bank were recorded at $8.001 billion, while the net foreign reserves held by the commercial banks were registered at $7.24 billion.

During the week ending on July 12, SBP received the first tranche of $991.4 million from the International Monetary Fund. After taking into account the outflows pertaining to external debt and other official payments, SBP reserves increased by $918 million during the week.