Assets: Forex reserves rise to $16.41 billion

Foreign exchange reserves rise to $16.41 billion in the week ended December 11.

Reuters December 19, 2010

KARACHI: Foreign exchange reserves rose to $16.41 billion in the week ended December 11, up from $16.39 billion the previous week, the central bank said on Saturday.

Reserves held by the State Bank of Pakistan (SBP) rose to $12.69 billion from $12.65 billion in the week ended December 11, while those held by commercial banks eased to $3.72 billion from $3.74 billion, said Syed Wasimuddin, chief spokesman for the central bank.

The reserves hit a record high of $17.1 billion in the week ended October 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit.

Earlier, the reserves got a boost in September after the IMF sent $450 million and said that the money would go towards the budget to help with additional spending for flood relief and immediate foreign exchange needs.

Published in The Express Tribune, December 19th, 2010.


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