Pakistan foreign exchange reserves hit highest-ever $17.4 billion mark

The country''s total liquid foreign exchange reserves reached highest-ever level of $17.4 billion because of rising foreign inflows. According to the State Bank of Pakistan the country''s total liquid forex reserves posted an increase of $133 million to $17.447 billion on week ended on February 12, 2011 from $17.314 billion a week earlier.
The raise has been witnessed in the reserves held by the SBP, which also reached new peak level. Reserves held by the SBP increased by $146.5 million to $13.912 billion during the last week as compared to $13,766.4 as on February 5, 2011. Foreign exchange reserves held by banks witnessed declining trend and fell by $13.5 million during the last week. With current decline, overall forex reserves held by banks declined to $3.534 billion as compared to $3.547 billion a week earlier. Earlier on January 29, 2010, the country''s foreign exchange reserves enjoyed a peak level of $17.38 billion.