Foreign exchange reserves rose to $16.77 billion in the week ending Feb. 10, compared with $16.69 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank fell to $12.29 billion from $12.32 billion a week earlier, while those held by commercial banks rose to $4.48 billion, compared with $4.36 billion the previous week.
Islamabad has to start repaying an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, that will put further pressure on Pakistan’s foreign exchange reserves. According to official data, remittances rose 21.54 percent to $7.43 billion in the first seven months of the fiscal year (July-June), compared with $6.12 billion in the same period a year earlier.
Published in The Express Tribune, February 17th, 2012.
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