Devil Soul
ELITE MEMBER
- Joined
- Jun 28, 2010
- Messages
- 22,931
- Reaction score
- 45
- Country
- Location
Forex reserves rise to $16.6 billion
By: Reuters | April 20, 2012
KARACHI - Pakistan's foreign exchange reserves rose to $16.6 billion in the week ended April 13, from $16.52 billion in the previous week, the State Bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $11.97 billion from $11.86 billion a week earlier, while those held by commercial banks fell to $4.63 billion from $4.66 billion.
"The increase in (the SBP's) reserves is due to small multilateral and other inflows," said Syed Wasimuddin, chief spokesman of the central bank. Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by inflows of $411 million, including a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank.
Higher exports and record remittances have also supported Pakistan's reserves.
Remittances from Pakistanis overseas rose 21.45 percent to $9.73 billion in the first nine months of the 2011/12 fiscal year, compared with $8.02 billion in the same period last year.
In March, remittances totaled $1.14 billion. Reserves have since been drained by debt repayments, including $399 million in the week ending Feb. 24 on an $8 billion International Monetary Fund loan.
The next repayment is due by the end of the 2011/12 fiscal year.
By: Reuters | April 20, 2012
KARACHI - Pakistan's foreign exchange reserves rose to $16.6 billion in the week ended April 13, from $16.52 billion in the previous week, the State Bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $11.97 billion from $11.86 billion a week earlier, while those held by commercial banks fell to $4.63 billion from $4.66 billion.
"The increase in (the SBP's) reserves is due to small multilateral and other inflows," said Syed Wasimuddin, chief spokesman of the central bank. Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by inflows of $411 million, including a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank.
Higher exports and record remittances have also supported Pakistan's reserves.
Remittances from Pakistanis overseas rose 21.45 percent to $9.73 billion in the first nine months of the 2011/12 fiscal year, compared with $8.02 billion in the same period last year.
In March, remittances totaled $1.14 billion. Reserves have since been drained by debt repayments, including $399 million in the week ending Feb. 24 on an $8 billion International Monetary Fund loan.
The next repayment is due by the end of the 2011/12 fiscal year.
and can overtake UK shortly 
