Pakistan forex reserves surges by 1156 million

KARACHI: Pakistan foreign exchange reserves swelling up process continues, as it was seen recording a significant increase by 1156 million during one week.State Bank of Pakistan (SBP) data showed that foreign exchange reserves in the country has shot up to $14.47 billion, recording significant increase of $1156 million during the week ending September 19. State Bank reserves amounted to $10.94 billion, while those with the commercial banks $3.53 billion.Analysts said that following Pakistan’s international credit rating improvement, foreign investors have went into action in the stock market, which has resulted in the pouring in of forex in the country. Besides, the shrinking trade deficit was also positively impacting on the forex reserves, said the analyst.