Economic data
Pakistan builds record reserves amid Gulf war
KARACHI: Despite the Gulf war’s impact on weaker economies and uncertainty over high oil prices, Pakistan’s foreign exchange reserves climbed to a record high of more than $26.8 billion, the State Bank of Pakistan (SBP) reported on Thursday. The war started on Feb 28, jolting many economies, including Pakistan, but the SBP has since improved its reserves and added over $5bn. The SBP’s reserves were $16.568bn in February, rising to $21.568bn on Oct 30. The central bank reported that the foreign exchange holdings of the SBP and commercial banks increased during the week. During the week, SBP