Forex reserves rise to record $18.31bn

KARACHI: Pakistan's foreign exchange reserves rose to a record $18.31 billion in the week ending July 30, up from the previous life high of $18.30 billion hit a week ago, a senior State Bank of Pakistan’s official said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) jumped to $14.78 billion from $14.74 billion a week ago, while those held by commercial banks fell to $3.53 billion from $3.56 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.

Copyright Reuters, 2011