Forex: Reserves rise to $16.6 billion
Foreign exchange reserves rose to $16.6 billion in the week ended April 13, from $16.52 billion in the previous week.
KARACHI:
Foreign exchange reserves rose to $16.6 billion in the week ended April 13, from $16.52 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $11.97 billion from $11.86 billion a week earlier, while those held by commercial banks fell to $4.63 billion from $4.66 billion. “The increase in reserves is due to small multilateral and other inflows,” 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. Higher exports and record remittances have also supported Pakistan’s reserves. Reserves have since been drained by debt repayments, including $399 million in the week ending February 24 on an $8 billion International Monetary Fund loan. The next repayment is due by the end of the 2011/12 fiscal year.
Published in The Express Tribune, April 20th, 2012.
Foreign exchange reserves rose to $16.6 billion in the week ended April 13, from $16.52 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $11.97 billion from $11.86 billion a week earlier, while those held by commercial banks fell to $4.63 billion from $4.66 billion. “The increase in reserves is due to small multilateral and other inflows,” 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. Higher exports and record remittances have also supported Pakistan’s reserves. Reserves have since been drained by debt repayments, including $399 million in the week ending February 24 on an $8 billion International Monetary Fund loan. The next repayment is due by the end of the 2011/12 fiscal year.
Published in The Express Tribune, April 20th, 2012.