The State Bank of Pakistan’s (SBP) net reserves increased by $1.65 billion to $10.89 billion during the week ending December 13.

According to the data provided by State Bank of Pakistan, the country’s total foreign reserves stood at $17.65 billion.

Foreign reserves held by the State Bank of Pakistan: $10.89 billion

Net foreign reserves held by commercial banks: $6.76 billion

Total liquid foreign reserves: $17.65 billion

Governor of the State Bank of Pakistan (SBP), Dr Reza Baqir, hinted that more time will be required for making a reduction in the interest rate of the country. Reza Baqir, while addressing an event of the central bank in Faisalabad, however, said that improvements are being witnessed in the stock market but it will take more time to reduce the interest rate.

Governor SBP said that people have raised concerns over increasing US dollar rates. He added that the current interest rate is standing at 13.25 per cent which had been maintained at 17  to 18 per cent in the past.