Pakistan’s forex reserves witness marginal improvement

Pakistan’s forex reserves witness marginal improvement

Karachi: (Thursday, February 02, 2012) In the week ending on January 27, Pakistan’s foreign exchange reserves witnessed a marginal improvement as from $ 16.80 billion in the previous week; they have reached to $ 16.87 billion,
reported State Bank of Pakistan today.

Lately, the highest level forex reserves maintained was $ 18.31 billion in last July, after that, amid debt repayments, they have been constantly receding.

From this total amount, $ 12.52 billion is being held by the State Bank of Pakistan, down by $ 0.3 billion from previous figure. While $ 4.35 billion is being held by the commercial banks, up by $ 0.10 billion from last week’s
figure.

In last July, the higher figure of forex reserves was supported by $ 411 million inflow in the preceding month. This figure included loan payment of $191.9 million from World Bank while $ 196.8 million from Asian Development Bank.

Moreover, factors like higher proceeds from remittances and increased exports also helped to stabilize the country’s foreign exchange reserves.

According to the data released by the State Bank of Pakistan, remittances witnessed a huge increase of 19.6 per cent, culminating in pushing the total amount to $ 6.33 billion in the first half of the fiscal year compared with
a year earlier figures of $ 5.29 billion.

Related News:

1. Forex reserves jumps to $ 16.77bn; State Bank of Pakistan
2. Pakistan Foreign Exchange Reserves to stand at $16.69 billion
3. Pakistan reserves rise as oil Gains on liquidity injection – Pakistan oil and gas sector update
4. IMF fears security concerns may further limit capital inflows to Pakistan
5. Pakistan to meet IMF delegation in Dubai next week

Short URL: http://www.newspakistan.pk/?p=11609

Posted by Fayyaz Yaseen on Feb 2 2012. Filed under Business, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry