Foreign exchange: Reserves rise to $18.04b

KARACHI: Foreign exchange reserves rose to $18.04 billion in the week ending August 13, from $17.97 billion the previous week, a senior central bank official said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $14.55 billion from $14.46 billion a week ago, while those held by commercial banks fell to $3.49 billion from $3.51 billion, said SBP chief spokesman Syed Wasimuddin. Foreign exchange reserves hit a record $18.31 billion in the week ending July 30. 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. Higher export proceeds and a record inflow of remittances have helped Pakistan’s forex reserves grow steadily.

Published in The Express Tribune, August 19^th, 2011.