Foreign exchange reserves jumped to $16.77 billion in the week ending December 23 compared with the previous week’s $16.66 billion, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $12.81 billion compared with $12.76 billion the previous week, while those held by commercial banks rose to $3.96 billion compared with $3.90 billion the previous week.
Foreign exchange reserves hit a record $18.31 billion in the week ending July 30, but have since eased due to debt repayments.
Reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a $196.8 million loan from the Asian Development Bank.
Higher export proceeds and a record inflow of remittances have also helped support Pakistan’s foreign exchange reserves.
Published in The Express Tribune, December 30th, 2011.
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