Forex: Reserves improve by $207m

KARACHI: Gross foreign exchange reserves have improved by $207 million to $16.31 billion in the week ended May 18, 2012, due to multilateral inflows and remittances. According to the State Bank, foreign exchange reserves held by SBP increased by $152 million to $11.94 billion during the week under review from $11.784 billion a week earlier; while those held by commercial banks improved to $4.38 billion from $4.32 billion. Pakistan has made debt payments amounting to $2.53 billion (inclusive of $809 million to IMF), and other miscellaneous payments of $1.52 billion; while receipts from multilaterals and others amounted to $1.21 billion.

Published in The Express Tribune, May 25^th, 2012.