Forex: Reserves rise to $17.34b

KARACHI: Foreign exchange reserves rose to $17.34 billion in the week ended on May 28, up from $17.07 billion in the previous week, according to data released by the State Bank of Pakistan (SBP) on Thursday. Reserves held by the SBP rose to $13.91 billion from $13.67 billion a week ago, while those held by commercial banks also inclined slightly to $3.43 billion from $3.4 billion. Forex reserves improved on the backing of the current account surplus as well as record flow of remittances.  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. Furthermore, foreign exchange reserves were boosted in January by more than $633 million released by the United States for military and logistical support in the campaign against terror.

Published in The Express Tribune, June 3^rd, 2011.