KARACHI:
Pakistan’s foreign exchange reserves inched up to $16.69 billion in the week ending December 9 compared with $16.68 billion in the previous week because of an increase in the reserves of commercial banks, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $12.81 billion, compared with $12.86 billion the previous week. Reserves held by commercial banks rose to $3.88 billion, compared with $3.82 billion from the previous week.
Higher export proceeds and a record inflow of remittances have also helped support Pakistan’s foreign exchange reserves.
Published in The Express Tribune, December 16th, 2011.
COMMENTS (1)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ
The reserves rose from 16.68 billion to 16.69 billion i.e. they increased by $0.01 billion or 10 million in a week and this is being reported as news? This level of change could simply represent fluctuations in forex rate.
It should be noted that the reserves were $17.03, 16.88 billion on December 2 and now are 16.69 bilion. billion on 18th november. The direction of reserves is going down not UP.
The statements about booming exports are also completely outdated.
If Tribune checked its own reports it would know what the direction is. Better editorial control should be exercised instead of blindly reporting misleading information.