Business

Foreign exchange: Reserves rise 16.8% in a week

Country receives $611m from multilateral, bilateral sources.

Creative Jamal Khurshid/our Correspondent April 03, 2014

The central bank’s foreign exchange reserves rose $746 million to $5.17 billion compared to $4.42 billion in the preceding week. ILLUSTRATION: JAMAL KHURSHID

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week increase of 16.8% on March 28, according to data released by the SBP on Thursday.

The central bank’s foreign exchange reserves rose $746 million to $5.17 billion compared to $4.42 billion in the preceding week. The increase in reserves is attributed to the receipt of $611 million from multilateral and bilateral sources, including $556 million from the International Monetary Fund (IMF). Total official payments during the week ended March 28 were $215 million, according to an SBP spokesperson.

Total liquid foreign reserves held by the country, including net foreign reserves held by banks other than the SBP, stood at $9.86 billion, of which reserves with banks amounted to $4.69 billion.

Pakistan recently received $1.5 billion as a ‘gift’ from an unidentified Muslim country, which resulted in a sudden hike in the country’s foreign exchange reserves and a strengthening currency.

Published in The Express Tribune, April 4^th, 2014.

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