Forex reserves rise to $14.74bn

Foreign exchange reserves rose to $14.74 billion in the week that ended on Oct. 3 compared with $14.49 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) were $11.16 billion compared with $10.94 billion a week earlier, while those held by commercial banks edged up to $3.58 billion from $3.55 billion a week earlier, said bank spokesman Syed Wasimuddin. The SBP received multilateral loans from the ADB (Asian Development Bank) and World Bank which amounted to about $410 million, said Wasimuddin.