Forex reserves rise to $16.92 billion

[53fd]

KARACHI: Country's foreign exchange reserves rose to $16.92 billion in the week ending Dec. 30, compared with $16.77 billion the previous week, State Bank of Pakistan (SBP) said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) were flat at $12.88 billion, unchanged from the previous week, while those held by commercial banks rose to $4.04 billion, compared with $3.96 billion the previous week.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30, but have since eased due to debt repayments.

Reserves were boosted in June last year by inflows of $411 million, including a $191.9 million loan from the World Bank, and a $196.8 million loan from the Asian Development Bank.

Higher export proceeds and a record inflow of remittances have also helped support Pakistan's foreign exchange reserves.

According to official data, remittances rose 18.33 percent to $5.24 billion in the first five months of the fiscal year (July-June), compared with $4.43 billion in the same period a year earlier.

However, they fell slightly to $923 million in November, compared with $926.89 million received in November last year.

Islamabad has to start repaying an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, that will put further pressure on Pakistan's foreign exchange reserves. (Reuters)

http://www.thenews.com.pk/NewsDetail.aspx?ID=30042&title=Forex-reserves-rise-to-$16.92-billion

 

[T90TankGuy]

bilal bhai . while this a good news its a drop in the ocean . come feb 8 billion$ is due to be returned to WB and IMF . how are you going to achieve that ?
the financial planers of Pakistan have failed her people miserably . you guys need a complete change in the government and the way it works.

 

[Harry Potter]

Pakistans Per Capita Forex reserves are very small only $94,whereas India is far ahead with $243

 

[RoYaL~GuJJaR]

Pakistans Per Capita Forex reserves are very small only $94,whereas India is far ahead with $243

Is this Thread about Indian Forex reserve? duh!

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@topic..

Congrats to pak.

 

[Imran Khan]

so why it was reduced i think they pay back thats why . still its too less man we should have 40bn$ at this time if mushy economical team continue

 

[Cheetah786]

bilal bhai . while this a good news its a drop in the ocean . come feb 8 billion$ is due to be returned to WB and IMF . how are you going to achieve that ?
the financial planers of Pakistan have failed her people miserably . you guys need a complete change in the government and the way it works.

This news about Forex reserves is nothing more then a window dressing second Pakistani financial planners are pretty good at financial planing of them selves they just not good at the job of financial planing of there nation.

 

[T90TankGuy]

This news about Forex reserves is nothing more then a window dressing second Pakistani financial planners are pretty good at financial planing of them selves they just not good at the job of financial planing of there nation.

oh in that regard we have the best financial planers in the world . A RAJA , Kalmadi and co come to mind
see even in corruption we compete.

 

[F.O.X]

This is Not any News , Forex reserves keep fluctuating between lower & upper limits depending upon the Remittance we receive.

 

[rajnikant]

^^ ballu tu giyo bhaya