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Forex reserves ease to $17.96bn

Published August 25, 2011 Updated August 25, 2011 09:48am

Reserves held by the State Bank of Pakistan (SBP) fell to $14.50 billion from $14.55 billion a week ago, while those held by commercial banks eased to $3.46 billion from $3.49 billion, said SBP chief spokesman Syed Wasimuddin.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30.

The 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 38.57 percent to $1.1 billion in the first month of 2011/12 fiscal year, compared with $791.18 million in the same period last year.

 

Copyright Reuters, 2011