Foreign exchange reserves rose slightly to $11.344 billion in the week ending June 21 from $11.340 billion in the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $6.256 billion from $6.239billion a week earlier, while those held by commercial banks fell to $5.088 billion from $5.101billion. Pakistan made its last payment of $391 million in the Stand-By-Arrangement (SBA) to the IMF at the end of May.
Meanwhile, exports and record remittances have supported Pakistan’s reserves. Overseas Pakistani workers have so far remitted $12.762 billion in the ongoing fiscal year, a growth of 5.74% or $693.34 million.
Monthly average of remittances for July-May this fiscal year came to $1.160 billion compared to $1.097 billion in the same period a year ago.
Published in The Express Tribune, June 28th, 2013.
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