Forex: Reserves rise to nearly $15.24 billion

KARACHI: Pakistan’s foreign exchange reserves have surged by $272 million to more than $15.236 billion as on June 29, 2012, compared to $14.96 billion in the previous week, on account of foreign receipts.

According to the State Bank of Pakistan here on Thursday, foreign exchange reserves held by the central bank increased to $10.802 billion from $10.54 billion, while reserves held by commercial banks improved to about $4.434 billion from $4.43 billion during the week.

Foreign exchange reserves hit a record $18.31 billion in July 2011, boosted by a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank. Record remittances have also supported Pakistan’s reserves.

Remittances from Pakistanis abroad rose 19.5% to $12.07 billion in the first 11 months of the 2011/12 fiscal year, compared to $10.1 billion in the same period last year. Pakistan’s reserves have been reduced by debt repayments of $2.53 billion in the recently concluded fiscal year.

Published in The Express Tribune, July 6^th, 2012.