Forex reserves ease to $17.47 billion
Bank reserves rise to $3.45 billion.
KARACHI:
Pakistan’s foreign exchange reserves fell slightly to $17.47 billion in the week ended June 25, from $17.52 billion a week earlier, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $14.02 billion from $14.11 billion a week ago, while those held by commercial banks rose to $3.45 billion from $3.41 billion, SBP said in a statement.
Forex reserves have grown steadily thanks to higher export proceeds, as well as record inflow of remittances, hitting an all-time high of $17.95 billion during the week that ended on March 26. Reserves have since eased slightly on debt repayments.
Remittances sent by overseas Pakistanis crossed $10 billion for the first time, hitting $10.1 billion in the first 11 months of the 2010-11 fiscal year, an increase of 25 per cent compared with the same period last year, according to SBP data.
Foreign exchange reserves were boosted in January by more than $633 million when the United States provided funds for military and logistical support in the campaign against terror.
In May 2010, the government received $1.13 billion in the fifth tranche of an $11.3 billion International Monetary Fund (IMF) bailout programme. Pakistan and IMF ended talks last month in Dubai to discuss budget targets for 2011-12 fiscal year. They are due to meet again in July to discuss the possible release of the sixth tranche.
Published in The Express Tribune, July 1st, 2011.
Pakistan’s foreign exchange reserves fell slightly to $17.47 billion in the week ended June 25, from $17.52 billion a week earlier, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $14.02 billion from $14.11 billion a week ago, while those held by commercial banks rose to $3.45 billion from $3.41 billion, SBP said in a statement.
Forex reserves have grown steadily thanks to higher export proceeds, as well as record inflow of remittances, hitting an all-time high of $17.95 billion during the week that ended on March 26. Reserves have since eased slightly on debt repayments.
Remittances sent by overseas Pakistanis crossed $10 billion for the first time, hitting $10.1 billion in the first 11 months of the 2010-11 fiscal year, an increase of 25 per cent compared with the same period last year, according to SBP data.
Foreign exchange reserves were boosted in January by more than $633 million when the United States provided funds for military and logistical support in the campaign against terror.
In May 2010, the government received $1.13 billion in the fifth tranche of an $11.3 billion International Monetary Fund (IMF) bailout programme. Pakistan and IMF ended talks last month in Dubai to discuss budget targets for 2011-12 fiscal year. They are due to meet again in July to discuss the possible release of the sixth tranche.
Published in The Express Tribune, July 1st, 2011.