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Forex reserves up to $17.518bn

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By Asad Naeem
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sbp logoKARACHI: The foreign exchange reserves of the country increased by dollars 353.9 million to dollars 17.518 billon, the State Bank of Pakistan (SBP) announced here on Thursday.

It said that the forex reserves were dollars 17.518 billion on June 11 compared to dollars 17.164 billion on June 06.

The break-up further showed that reserved held by SBP were dollars 14.085 billion and that held by other banks were dollars 3.433 billion.

"Increased remittances are major cause of surge in forex reserves," said an official of the SBP while referring to upcoming holy month of Ramazan.

Copyright APP (Associated Press of Pakistan), 2011

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