Forex: Reserves edge up to $16.51b

ISLAMABAD: Foreign exchange reserves rose to $16.51 billion in the week ended March 30, from $16.44 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan rose to $11.84 billion from $11.77 billion a week earlier, while those held by commercial banks remained unchanged at $4.67 billion. Higher exports and record remittances have supported Pakistan’s reserves. Reserves have since been drained by debt repayments, including $399 million in the week ending February 24 due to an $8 billion International Monetary Fund loan. The next repayment is due in April.

Published in The Express Tribune, April 6^th, 2012.