KARACHI, April 21: Foreign exchange reserves rose to $17.38 billion in the week ending on April 16, from $17.31 billion the previous week, a central bank official said on Thursday.
Reserves held by the State Bank of Pakistan eased slightly to $13.91 billion from $13.93 billion a week ago while those held by commercial banks jumped to $3.47 billion from $3.38 billion, said SBP chief spokesman Syed Wasimuddin.
Pakistan’s forex reserves have grown steadily thanks to higher export proceeds as well as record inflow of remittances, hitting an all-time high of $17.95 billion during the week that ended on March 26.
Reserves have since eased slightly on debt repayments.
Remittances from overseas Pakistanis increased by 22.37 per cent to more than $8 billion in the first nine months of the 2010-11 fiscal year (July-June), and in March, a record $1.05 billion was received, according to SBP data.
Foreign exchange reserves were boosted in January by more than $633 million when the United States provided funds.
No comments:
Post a Comment