Foreign currency: Reserves increase 7.4% week-on-week

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased 7.4% on a weekly basis on February 13, according to data released by the central bank.

SBP’s liquid foreign exchange reserves increased by $777 million to $11,194 million compared to $10,417 million in the previous week.

The SBP received $717 million on account of the Coalition Support Fund (CSF) during the week.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $16,036.7 million while net foreign reserves held by banks amounted to $4,842.5 million.

Pakistan’s foreign exchange reserves recorded a rapid rise in the last month of 2014 when the SBP received $1,221 million from multilateral, bilateral and other sources.

This was preceded by another 10.6% weekly rise in the SBP’s liquid foreign reserves in the same month when Pakistan received $1 billion against the issuance of Sukuk.

Published in The Express Tribune, February 20^th,  2015.

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