Forex: Reserves stable at $10.39 billion

KARACHI: Foreign exchange reserves remained unchanged at $10.390 billion in the week ending August 23 compared to $10.399 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) dropped slightly to $5.203 billion from $5.248 billion a week earlier, while those held by commercial banks rose to $5.186 billion as compared to $5.151 billion a week earlier. Pakistan made its last payment of $260 million in the Stand-By-Arrangement to the IMF on June 28, 2013. Meanwhile, exports and record remittances have supported Pakistan’s reserves. Overseas Pakistanis sent home a record $13.920 billion in the previous fiscal year (July 2012-June 2013), showing a growth of 5.56% or $733.64 million compared with $13.187 billion a year earlier.

Published in The Express Tribune, July 30^th, 2013.

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