Saturday, January 8, 2011

Forex reserves reach record $17.197bn

Forex reserves reach record $17.197bn

KARACHI: Pakistan’s foreign exchange reserves have touched record $17.197 billion in the week ending on January 1st, 2011 as compared to $16.424 billion in last week, the State Bank of Pakistan (SBP) said Thursday.

Reserves held by the SBP increased to $13.527 billion as compared to $12.709 last week, however reserves held by banks other than SBP declined to $3.669 billion as compared to $3.715 billion last week.
Pakistan’s reserves hit a record high of $17.10 billion on October 15 due to an increase in remittances from overseas Pakistanis and a narrowing trade deficit. Earlier, the reserves got a boost in September after the IMF sent Pakistan $450 million and said the money would go toward the budget to help with additional spending for flood relief and immediate foreign exchange needs.
This was separate from the $11 billion IMF bailout programme, agreed in 2008. In May, Pakistan received $1.13 billion, the fifth tranche of the programme. The IMF is likely to further delay the possible release of the sixth tranche because of the slow implementation of fiscal reforms.

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