Forex: Currency reserves rise to $9.509b
Reserves held by the SBP decreased to $4.224 billion from $4.299 billion a week earlier.
KARACHI:
Foreign exchange reserves increased to $9.509 billion as of November 1, compared to $9.497 billion in the previous week, according to a statement of the State Bank of Pakistan (SBP) on Thursday. Reserves held by the SBP decreased to $4.224 billion from $4.299 billion a week earlier, while those held by commercial banks increased to $5.285 billion as compared to $5.197 billion a week earlier. Pakistan made its last payment of $164 million 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 8th, 2013.
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