Fall: Forex down 2.5% week-on-week

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week decrease of 2.5% on October 24, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves fell $219 million to $8,568 million compared to $8,787 million in the previous week.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,200 million while net foreign reserves held by banks amounted to $4,631.7 million.

The SBP did not mention any major inflows and outflows during the last week. Although the reserves have come down, they are expected to get some boost from the sale of shares in Oil and Gas Development Company on the London Stock Exchange.

The government is likely to receive around $800 million from the share float.

The Privatisation Commission has set November 5 to 7 for the book-building process in which international investors, domestic institutional investors and high net worth individuals will participate.

Published in The Express Tribune, October 31^st, 2014.

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