Foreign exchange reserves rise to $18.04bn

KARACHI: The foreign exchange reserves of the country have surged to dollars 18.0423 billion, the State Bank of Pakistan (SBP) announced on Thursday.

It said that the compared to the previous week when forex reserves were 17.978 billion dollars, the reserves again rose by a little 0.072 million dollar to 18.0423 billion dollar.

"The rise in reserves is likely due to remittances following the Eidul-Fitr season, however, the fluctuations in reserves will continue," said a senior banker from a private bank.

SBP also gave a break-up of the statistics of latest reserve position and added that the reserves held by SBP were dollars 14.55 billion and held by others banks stood at around 3.48 billion dollar.

Copyright APP (Associated Press of Pakistan), 2011