Forex: Reserves rise to $14.94b from $14.91b

KARACHI: Foreign exchange reserves rose to $14.940 billion in the week ending July 13, from $14.909 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan rose to $10.502 billion from $10.496 billion a week earlier, while those held by commercial banks rose to $4.438 billion from $4.413 billion in the prior week. Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by inflows of $411 million, including a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank. Higher exports and record remittances have also supported Pakistan’s reserves.

Published in The Express Tribune, July 20^th, 2012.