Swelling: Forex reserve increase 6% week-on-week

SBP’s foreign exchange reserves increased $521 million to $9,190 million compared to $8,669 million last week.


Our Correspondent June 26, 2014

KARACHI:


Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week increase of 6% on June 20 mainly on the back of privatisation proceeds, according to data released by the SBP on Thursday.


The central bank’s foreign exchange reserves increased $521 million to $9,190 million compared to $8,669 million in the previous week. During the week, the SBP received inflows from multilateral and bilateral sources amounting to $258 million, including $230 million from the World Bank. The SBP also received flows of over $300 million on account of privatisation proceeds. During the week ending June 20, the SBP made payments of $232 million from its reserves on account of external debt servicing, which includes $57 million to the International Monetary Fund.

Total liquid foreign reserves held by the country, including net foreign reserves held by banks other than the SBP, stood at $14,263.5 million.

Published in The Express Tribune, June 27th, 2014.

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