State Bank of Pakistan's reserves rise

Dawn reported that the State Bank of Pakistan's foreign exchange reserves rose by $16 million during the week ended Oct 9, taking the holding to $21.469 billion. The central bank published the weekly figures on Thursday. The weekly gain was small in dollar terms relative to the overall balance.

Following the $3bn that came in from Eurobond sales, the SBP has recorded its largest reserve increase on record. This has continued despite a rising trade deficit, Dawn added.

Total reserves reached $26.863bn during the week, and that figure includes $5.393bn held by commercial banks. The breakdown shows how much of the national pool sits outside the central bank. Taken together, the commercial bank share makes up a sizeable portion of the total.