Week-on-week: Forex reserves increase 10.7%
The central bank’s foreign exchange reserves increased by $780 million to $8,020 million.
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 16th, 2014.
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 16th, 2014.