Forex: Reserves rise 2.8% week-on-week

The central bank’s foreign exchange reserves increased $198 million to $7,240 million.


Our Correspondent May 08, 2014
The increase in the central bank’s reserves is primarily attributed to inflows of $403 million from multilateral and bilateral sources, of which $400 million were received from ADB. ILLUSTRATION: JAMAL KHURSHID

KARACHI:


Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week increase of 2.8% on May 2, according to data released by the SBP on Thursday.


The central bank’s foreign exchange reserves increased $198 million to $7,240 million compared to $7,042 million in the preceding week. The increase in the central bank’s reserves is primarily attributed to inflows of $403 million from multilateral and bilateral sources, of which $400 million were received from the Asian Development Bank (ADB), according to a spokesman for the SBP.


Total liquid foreign reserves held by the country, including net foreign reserves held by banks other than the SBP, stood at $12,044.3 million while net foreign reserves held by banks amounted to $4,804.1 million on May 2.

Published in The Express Tribune, May 9th, 2014.

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