Forex reserves rise to a record $18.30b

KARACHI: Pakistan's foreign exchange reserves rose to a record $18.30 billion in the week ending July 23, from $18.23 billion the previous week, a senior central bank
official said on Thursday.

The previous record was in week ending July 2 and at $18.25 billion.

Reserves held by the State Bank of Pakistan (SBP) jumped to $14.74 billion from $14.71 billion a week ago, while those held by commercial banks rose to $3.56 billion from $3.52 billion, said SBP chief spokesman Syed Wasimuddin.

Pakistan's foreign exchange reserves were boosted in June by inflows of $411 million, including a loan of $191.9 million from the World Bank, and another loan of $196.8 million from the Asian Development Bank.

Higher export proceeds and a record inflow of remittances have helped Pakistan's forex reserves grow steadily.

According to official data, remittances rose to a record $11.2 billion in 2010/11 fiscal year, an increase of 25.77 percent compared with the same period last year.

In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme. (Reuters)