Pakistan forex reserves surge to record high

New record of $18.31 billion was due to a rise in remittances from overseas Pakistanis and a jump in exports: SBP


Afp August 04, 2011

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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COMMENTS (9)

Ahtasham Hameed | 9 years ago | Reply

Dear Brothers,

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

Usman | 9 years ago | Reply

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

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