Pakistan’s foreign exchange reserves rose to $17.07 billion in the week ended May 21, from $16.97 billion the previous week, a central bank official said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $13.67 billion from $13.56 billion a week ago, while those held by commercial banks fell marginally to $3.4 billion from $3.41 billion, said SBP’s spokesman Syed Wasimuddin. “The current account surplus has been reflected in the foreign exchange reserves,” said Wasimuddin.
Forex reserves had grown steadily thanks to higher export proceeds as well as record inflow of remittances, hitting an all-time high of $17.95 billion during the week ended on March 26. Reserves have since eased slightly on debt repayments.
The current account surplus for the July-April period was a provisional $748 million, compared with a deficit of $3.456 billion in the same period last year. In April, the current account had a provisional surplus of $716 million compared with a surplus of $230 million in March.
Published in The Express Tribune, May 27th, 2011.
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