Forex reserves rise to $18.06bn

KARACHI: Pakistan's foreign exchange reserves rose to $18.06 billion in the week ending Sept. 3, from $17.90 billion in the previous week, the central bank said on
Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $14.60 billion from $14.45 billion, while those held by commercial banks rose to $3.46 billion from $3.45 billion, according to the State Bank of Pakistan.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to scheduled debt repayments.

The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan 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 38.57 percent to $1.1 billion in the first month of the 2011/12 fiscal year (July-June), compared with $791.18 million in the same period last year. (Reuters)