Forex: Reserves rise to $13.81 billion
Reserves held by the State Bank of Pakistan (SBP) rose to $9.009 billion from $8.626 billion a week earlier
KARACHI:
Foreign exchange reserves rose to $13.808 billion in the week ending December 28, 2012, from $13.378 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $9.009 billion from $8.626 billion a week earlier, while those held by commercial banks rose to $4.799 billion from $4.752 billion. Foreign exchange reserves hit a record $18.31 billion in July 2011. Higher exports and record remittances have supported Pakistan’s reserves. Overseas Pakistanis repatriated $3.60 billion in the first quarter of fiscal 2013. Pakistan’s reserves have been drained by debt repayments, including $109.4 million on October 1, 2012, on a $7 billion International Monetary Fund loan. The next repayment is due in February 2013.
Published in The Express Tribune, January 4th, 2013.
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