Forex reserves jump to record $16.79b

KARACHI: Pakistan’s foreign exchange reserves rose to a record $16.79 billion in the week ended on September 24, the central bank reported on Thursday.

The reserves stood at $16.63 billion the previous week, which also included $450 million received from the International Monetary Fund.

Reserves held by the State Bank of Pakistan (SBP) rose to $12.99 billion from $12.79 billion, while those held by commercial banks fell to $3.80 billion from $3.84 billion, said Syed Wasimuddin, chief spokesman for the SBP.

“The rise in the SBP’s reserves is due to increased inflow of remittances,” said Wasimuddin.

The previous record high was $16.77 billion, hit in the week ended July 2.

The IMF sent Pakistan $450 million and said that the money would go towards the budget to help with additional spending for flood relief and immediate foreign exchange needs. This was separate from the $11.3 billion IMF bailout programme, agreed to in 2008.

Published in The Express Tribune, October 1^st, 2010.