Foreign exchange: Reserves rise to $16.44 billion

Reserves held by the State Bank of Pakistan rose to $11.77 billion from $11.67 billion a week earlier.


Reuters March 30, 2012

KARACHI: Pakistan’s foreign exchange reserves rose to $16.44 billion in the week ended March 23, from $16.39 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $11.77 billion from $11.67 billion a week earlier, while those held by commercial banks fell to $4.67 billion, compared with $4.72 billion the previous week. “The rise in the State Bank’s reserves is due to some inflows from multilateral agencies,” said Syed Wasimuddin, chief spokesman of the central bank. Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by inflows of $411 million from the World Bank and the Asian Development Bank. Reserves have since been drained by debt repayments, including $399 million in the week ending February 24 due on an $8 billion International Monetary Fund loan. The next repayment is due in April.

Published in The Express Tribune, March 30th, 2012.

COMMENTS (1)

Harry Stone | 11 years ago | Reply

So this increase is not because of the PAK economy but because of the transfer of loans its have received. How long will PAK be able to depend on receiving these loans and what happens when they stop.

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