Forex reserves up at $16.44bn: SBP

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Forex reserves up at $16.44bn: SBP

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The forex reserves rose to $16.44 billion in the week from $16.39 billion in the previous week.

29 March,2012 08:27 pm

Reserves held by the State Bank of Pakistan (SBP) fell to $11.77 billion from $11.67 billion a week earlier, while those held by commercial banks fell to $4.67 billion, compared with $4.72 billion the previous week.The rise in the State Banks reserves is due to some inflows from multilateral agencies, 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 Pakistans reserves.According to official data, remittances from overseas Pakistanis rose 23 percent to $8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion a year earlier. In February, overseas Pakistanis sent back $1.16 billion.Reserves have since been drained by debt repayments, including $399 million in the week ending Feb. 24 due on an $8 billion International Monetary Fund loan. The next repayment is due in April.