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Forex reserves rise by $267m

Forex reserves rise by $267m

KARACHI: Pakistan forex reserves have registered an increase of $267.6 million during the last week.

According to the State Bank of Pakistan’s weekly reserves report, Pakistan’s total forex reserves have surged to $8.317 billion as on Jan 10, 2014 compared to $8.05 billion as on Jan 3, 2014.

During the week, the SBP’s liquid forex reserves have increased by $222 million to $3.467 billion compared to $3.245 billion the last week. The increase in the central bank reserves is partly attributed to $58 million received from multilateral and bilateral sources, which include $35 million from USAID and $23 million from other multilateral institutions. On account of external debt servicing and other official payments, SBP has made payments of $36 million, of which $26 million was paid to IMF, from its reserves during the week ended on Jan 10, 2014.

During the last week, reserves held by banks posted an increase of $45.4 million to $4.849 billion up from $4.804 billion.