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Week-on-week: Forex reserves increase 10.7%

The central bank’s foreign exchange reserves increased by $780 million to $8,020 million.

Our Correspondent May 15, 2014 Less than a minute read

The increase in the central bank’s reserves is primarily attributed to inflows of $1,050 million from multilateral and bilateral sources, of which $1,006 million were received from the World Bank. ILLUSTRATION: JAMAL KHURSHID

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week increase of 10.7% on May 9, according to data released by the SBP on Thursday.

The central bank’s foreign exchange reserves increased by $780 million to $8,020 million compared to $7,240 million in the preceding week. The increase in the central bank’s reserves is primarily attributed to inflows of $1,050 million from multilateral and bilateral sources, of which $1,006 million were received from the World Bank, according to the SBP spokesman.

During the week ending May 9, the SBP made payments of $296 million from its reserves on account of external debt servicing and other official payments. This includes $149 million payment to the International Monetary Fund (IMF) under the Stand-by Agreement (SBA).

Total liquid foreign reserves held by the country, including net foreign reserves held by banks other than the SBP, stood at $12,884.8 million.

Published in The Express Tribune, May 16^th, 2014.

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