Forex reserves rise to $11.85 bn

Pakistan's foreign exchange reserves rose by $130 million in the week that ended on Aug. 8 to $11.85 billion from $11.72 billion the previous week, the State Bank of Pakistan (SBP) said on Thursday. The State Bank reserves rose to $8.36 billion from $8.31 billion a week earlier, while reserves held by commercial banks also rose to $3.49 billion from the previous week's $3.41 billion, the SBP said in a statement. The IMF has released a third tranche of $1.2 billion, which was received on Wednesday and will be reflected in next week's data. On Aug. 1, the SBP stopped using foreign exchange to pay for diesel and other refined petroleum products, which will force importers to obtain the dollars they need in the market. The SBP will continue to provide foreign exchange for crude oil imports until Feb. 1 next year.