Forex reserves rise to $16.92 billion
Reserves gradually decline after peaking at $18.31b in July 2011.
KARACHI:
Foreign exchange reserves rose to $16.92 billion in the week ending December 30, compared with $16.77 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) were flat at $12.88 billion, unchanged from the previous week, while those held by commercial banks rose to $4.04 billion, compared with $3.96 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 last year 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.
Remittances rose 18.33% to $5.24 billion in the first five months of the fiscal 2012 compared with $4.43 billion in the same period a year earlier, according to official data.
Islamabad has to start repaying an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, that will put further pressure on Pakistan’s foreign exchange reserves.
Published in The Express Tribune, January 6th, 2012.
Foreign exchange reserves rose to $16.92 billion in the week ending December 30, compared with $16.77 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) were flat at $12.88 billion, unchanged from the previous week, while those held by commercial banks rose to $4.04 billion, compared with $3.96 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 last year 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.
Remittances rose 18.33% to $5.24 billion in the first five months of the fiscal 2012 compared with $4.43 billion in the same period a year earlier, according to official data.
Islamabad has to start repaying an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, that will put further pressure on Pakistan’s foreign exchange reserves.
Published in The Express Tribune, January 6th, 2012.