Forex: Reserves rise to $14.83b from $14.82b

KARACHI: Pakistan’s foreign exchange reserves rose to $14.83 billion in the week ending September 7, from $14.82 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan rose to $10.43 billion from $10.39 billion a week earlier, while those held by commercial banks dropped to $4.40 billion from $4.43 billion. 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 over the past year. Pakistan’s reserves have been drained by debt repayments, including repayments for an International Monetary Fund loan.

Published in The Express Tribune, September 14^th, 2012.