Forex: Reserves rise to $13.38 billion

Reserves held by the SBP rose to $8.626 billion from $8.587 billion a week earlier.

KARACHI: Pakistan’s foreign exchange reserves rose to $13.378 billion in the week ending December 21, from $13.208 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $8.626 billion from $8.587 billion a week earlier, while those held by commercial banks rose to $4.752 billion from $4.621 billion. Foreign exchange reserves hit a record $18.31 billion in July 2011, 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 14.16% to $5.982 billion in the first five months, July to November, of the fiscal year 2012-13, from $5.240 billion in the same period last year. Pakistan’s reserves have recently been drained by debt repayments on a $7-billion International Monetary Fund loan. The next repayment is due in February 2013.

Published in The Express Tribune, December 28^th, 2012.          

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