Forex: Reserves rise to $18.23b

KARACHI: Pakistan’s foreign exchange reserves rose to $18.23 billion in the week ending July 16, from $18.11 billion the previous week, a senior central bank official said on Thursday. The reserves are just below an all-time high of $18.25 billion, hit the week ending July 2.  Reserves held by the State Bank of Pakistan (SBP) jumped to $14.71 billion from $14.64 billion a week ago, while those held by commercial banks rose to $3.52 billion from $3.47 billion, said SBP chief spokesman Syed Wasimuddin.  Pakistan’s 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.

Published in The Express Tribune, July 22^nd, 2011.