Forex: Reserves rise to $8.737 billion

Reserves held by the State Bank of Pakistan (SBP) rose to $3.921 billion from $3.871 billion a week earlie.


Our Correspondent March 07, 2014
The increase in the central bank reserves is attributed to receipts of $74 million from multilateral, bilateral and other official sources. CREATIVE COMMONS

KARACHI:


Foreign exchange reserves rose to $8.737 billion in the week ended February 28 from $8.654 billion in the previous week, the central bank said on Friday.


Reserves held by the State Bank of Pakistan (SBP) rose to $3.921 billion from $3.871 billion a week earlier, while those held by commercial banks increased to $4.816 billion from $4.783 billion.


The increase in the central bank reserves is attributed to receipts of $74 million from multilateral, bilateral and other official sources.


Heavy debt repayments to the IMF have been putting a dent in the central bank’s reserves. However, exports and record remittances have supported the reserves.


The government also plans to borrow from international markets by launching a Euro Bond to bolster reserves.

Published in The Express Tribune, March 8th, 2014.

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COMMENTS (2)

optimist | 10 years ago | Reply Reserves are important but you cannot only 'see them' and not use them. That is strange. . India has huge foreign reserves stills its currency went through big devaluation. My friend teaches economics in a reputed Uni in London but was confused when I asked him about that. He said they are just a gaurantee to other nations when doing trade and are of no immediate use (e.g. you cannot use the money to help your citizens).
Dhaka | 10 years ago | Reply

Ha ha 8.737 billion dollar, it is a peanut compared to us.

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