Pakistan’s foreign exchange reserves inched up to $16.69 billion in the week ending December 9 compared with $16.68 billion in the previous week because of an increase in the reserves of commercial banks, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $12.81 billion, compared with $12.86 billion the previous week. Reserves held by commercial banks rose to $3.88 billion, compared with $3.82 billion from the previous week.
Higher export proceeds and a record inflow of remittances have also helped support Pakistan’s foreign exchange reserves.
Published in The Express Tribune, December 16th, 2011.
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