Forex: Reserves rise to $14.9b from $14.8b

KARACHI: Foreign exchange reserves rose to $14.9 billion in the week ending October 4 from $14.84 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $10.36 billion from $10.32 billion a week earlier, while those held by commercial banks climbed to $4.54 billion from $4.52 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. Remittances from Pakistanis abroad rose 17.73 percent to $13.186 billion in the 2011/12 fiscal year, which ended on June 30, compared with $11.2 billion the previous year.

Published in The Express Tribune, October 5^th, 2012.