Forex reserves ease to $18.11 billion
Debt repayments bring down reserves from peak.
ISLAMABAD:
Pakistan’s foreign exchange reserves eased to $18.11 billion in the week ended July 10, from a record $18.25 billion the previous week, a senior central bank official said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $14.64 billion from $14.79 billion a week ago, while those held by commercial banks edged up to $3.47 billion from $3.46 billion, said SBP chief spokesman Syed Wasimuddin.
“The decline in reserves during the week is due to scheduled debt repayments,” said Wasimuddin.
Foreign exchange reserves were boosted in June by inflows of $411 million, including a loan of $191.9 million from the World Bank and another loan of $196.8 million from the Asian Development Bank.
Higher export proceeds and a record inflow of remittances have helped forex reserves grow steadily. According to official data, remittances rose to a record $11.2 billion in 2010-11 fiscal year, an increase of 26 per cent compared with the same period last year.
Published in The Express Tribune, July 15th, 2011.
Pakistan’s foreign exchange reserves eased to $18.11 billion in the week ended July 10, from a record $18.25 billion the previous week, a senior central bank official said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $14.64 billion from $14.79 billion a week ago, while those held by commercial banks edged up to $3.47 billion from $3.46 billion, said SBP chief spokesman Syed Wasimuddin.
“The decline in reserves during the week is due to scheduled debt repayments,” said Wasimuddin.
Foreign exchange reserves were boosted in June by inflows of $411 million, including a loan of $191.9 million from the World Bank and another loan of $196.8 million from the Asian Development Bank.
Higher export proceeds and a record inflow of remittances have helped forex reserves grow steadily. According to official data, remittances rose to a record $11.2 billion in 2010-11 fiscal year, an increase of 26 per cent compared with the same period last year.
Published in The Express Tribune, July 15th, 2011.