According to the weekly report of State Bank of Pakistan (SBP), foreign exchange reserves of Pakistan crossed $15.5 billion mark that are at the highest since June 2019. As per the report, the total foreign reserves of State Bank have recorded an increase of $240 million and stand at $8,682.3 million. While the commercial banks have a total of $6,895.4 million of foreign reserves.
After a gap of more than four years, Pakistan posted $99 million current account surplus in October. The latest data released by State Bank of Pakistan (SBP) showed recovery from long prevailing deficits, but four-month current account position still showed a deficit of $1.5 billion. Current account deficit in last fiscal year, clocked in at $12.75bn, down 36 per cent from record-high $19.9bn in FY18.
The State Bank of Pakistan (SBP) has launched the “Prime Minister’s Kamyab Jawan SME Lending Programme,” worth Rs100 billion for startups and small and medium-sized enterprises (SMEs). Citizens aged between 18 and 45 years may avail financing of up to Rs5 million each at a borrowing cost varying between 6% and 8% for a maximum period of eight years.