KARACHI: Pakistan's foreign exchange reserves have surged to a record high of $18.31 billion, a central bank official said Thursday.
The new record was due to a rise in remittances from overseas Pakistanis and a jump in exports, State Bank of Pakistan (SBP) spokesman Syed Wasimuddin said.
Reserves had also peaked in the first week of July at $17.95 billion, the SBP said.
In January, Washington transferred more than $633 million to the Pakistani government to help pay for the fight against extremists, which also boosted foreign exchange reserves.
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No one is looking the real facts of raising us dollars. The government is very clever. They are printing more rupees notes without any information and they are buying us dollar from interbanks to raise the us dollar in state bank of pakistan 's reserves. Check the sbp web site link for exchange rates. http://www.sbp.org.pk/ecodata/rates/m2m/2011/Aug/Aug.asp and secondly government has lifted the ban on exporting foreign currencies except us dollar. so carrier get the money out and remit the us dollar back to the pakistan to strengthen the economy. I think something best is gonna happen to us after long time. Inshallah
Remittances are not rising because people have faith in this government. They are increasing because families back home cannot afford to run their kitchens due to rising food prices. Media should talk about the other side of the story as well
@Rock Indian economy is full of dirty drug, tax evasion, extortion black money laundered in dubai , kuwait saudia and Qatar and send back.
@Sheikh Usman Nadeem: Sorry.. The gun misfired this time...
All I can say is that history teaches us not to be lulled into a false sense of complacency. Unless we change course, starting from the budget this will lead eventually to a reserve drawdown as all that excess demand spills over into the external accounts unless we can find financing from somewhere (privatization, a OGDC convertible bond, additional CSF reimbursements, and so forth.)
After all the domestic and external imbalance are definitionally related -- allowing for lags.
@Long Standing: I am not overjoyed, rather I warned that this wouldn't last when IMF repayments start. Second thing is that the US aid was received in January, this is August. So, no point. By the way that was not even US Aid, that was CSF payment.
@Sheikh Usman Nadeem: Dont bee so overjoyed.... they has risen because of the aid received from US. Look at your federal bank statement
As an indian we know scamsters use forex route to convert black money into white. :)
Fantabulous! It will be worth watching what happens after Pak starts repayment of IMF Standby Arrangement.