Foreign exchange reserves hit record $26.86bn, State Bank reports
Central bank holdings rose $39 million in the week to October 30 to $21,561.2 million, with commercial banks holding the rest of the record total.
Pakistan's total liquid foreign exchange reserves reached a record $26,864.5 million in the week ended October 30, the State Bank of Pakistan reported in its weekly statement on Thursday. The central bank held $21,561.2 million of the total, with commercial banks holding the rest.
SBP's own reserves rose $39 million during the week, according to the statement. Dawn reported that the foreign exchange holdings of both the central bank and the commercial banks increased over the same week. The commercial banks' share came to $5,303.3 million.
Dawn reported that the reserves are the highest Pakistan has recorded. The paper said the central bank has added more than $5 billion since February, when its holdings stood at $16.568 billion, and put SBP reserves at $21.568 billion on October 30.
The Gulf war began on February 28. Dawn reported that the conflict jolted weaker economies, Pakistan among them, and left uncertainty over high oil prices. The central bank kept building reserves through that period, the paper said.
The State Bank publishes the statement each week, listing the holdings of the central bank and of commercial banks separately. The statement for the week to October 30 was issued on Thursday.
Daily Times carried the same statement and gave the week's figures: total liquid reserves of $26,864.5 million, SBP reserves of $21,561.2 million, and a rise of $39 million at the central bank. Investify reported the total as $26.86 billion.
How the reports differ
Dawn led with the Gulf war, framing the figures as a record reached despite high oil prices and saying the central bank has added more than $5bn since February. Daily Times led with the weekly statement itself, giving the exact figures of $26,864.5 million in total and $21,561.2 million at the SBP, up $39 million, without the war framing. The two differ on SBP holdings for October 30: Dawn put them at $21.568 billion, Daily Times at $21,561.2 million. Investify carried only the headline total of $26.86 billion.
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