Forex: Currency reserves rise to $9.497 billion
The rise in currency reserves was declared by a statement issued by SBP.
KARACHI:
Foreign exchange reserves increased to $9.497 billion as of October 25, compared to $9.230 billion in the previous week, according to a statement of the State Bank of Pakistan (SBP) on Thursday. Reserves held by the SBP increased to $4.299 billion from $4.086 billion a week earlier, while those held by commercial banks increased to $5.197 billion as compared to $5.144 billion a week earlier. Pakistan made its last payment of $146 million in the Stand-By-Arrangement to the IMF on September 27, 2013. Meanwhile, exports and record remittances have supported Pakistan’s reserves. 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, November 1st, 2013.
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