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.
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.
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.