Pakistan’s foreign exchange reserves rose to $17.21 billion in the week ending October 21 from $17.20 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $13.44 billion, compared with $13.46 billion in the previous week, while those held by commercial banks rose to $3.77 billion, from $3.74 billion in the previous week, according to the State Bank of Pakistan.
Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to debt repayments. The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a loan of $196.8 million from the Asian Development Bank.
Higher export proceeds and a record inflow of remittances have helped Pakistan’s foreign exchange reserves grow steadily. Remittances rose 25% to $3.3 billion in the first three months of 2010/11 fiscal year.
Published in The Express Tribune, October 28th, 2011.
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