Pakistan's Foreign Exchange Reserves

[ameer219]

Pakistan's foreign exchange reserves cross $16 billion mark

RECORDER REPORT

KARACHI (June 04 2010): The country's liquid foreign reserves after a gap of two and half year, once again has crossed 16 billion mark. The central bank on Thursday issued the latest statistics of liquid foreign reserves, which depict an increase of 58.7 million dollar in overall foreign reserves from 15.9542 billion dollar to 16.0129 billion dollar.

During the last week, foreign reserves were held by the central bank have gone up by 56.7 million dollar to 12.3063 billion dollar from 12.2496 billion dollar. While, reserves held by banks also shows an increase of 2 million dollar during week ended on May 28, 2010, as it has reached at 3.7066 billion dollar from 3.7046 billion dollar a week earlier.

The historical achievement of this record level of foreign exchange reserves has been made possible due to payment of coalition support fund and high home remittances, economists said. In the first of September 2007, the country's foreign reserves crossed $16 billion mark, however, later reduced due to rising current account deficit. Now after a gape of about 30-month, once again overall reserves have breached 16 billion dollars level.They said that foreign reserves after reaching at 16 billion-peak level the country is able to make imports of 6 months without any assistance.

Copyright Business Recorder, 2010
http://http://www.brecorder.com/index.php?id=1064458&currPageNo=1&query=&search=&term=&supDate=


Allhamdulilah! We are back on track guys!!

 

[Hyde]

lets hope we can keep these reserves above 16 billion dollars now

 

[bc040400065]

Forex reserves cross $16bn mark




Friday, June 04, 2010
By our correspondent

KARACHI: Pakistan’s liquid foreign exchange reserves crossed $16 billion mark owing to release of funds on account of Pakistan’s contribution in the war on terror, the central bank said on Thursday.

The total foreign exchange reserves with addition of $59 million stood at $16.013 billion by the week ended on May 28 from $15.954 billion a week ago, State bank of Pakistan (SBP) Spokesman Syed Wasimuddin said.

The reserves held by the central bank surged by $57 million to $12.306 billion as compared with a week earlier. The net foreign reserves held by commercial banks registered a marginal improvement to reach $3.706 billion from $3.704 billion.

The fresh rise in reserves is attributed to release of fund by the United States under the Coalition Support Fund (CSF).

The central bank on May 28 received $288 million from the United States on account of Pakistan’s contribution in the war on terror.

The central bank had so far received $944 million during the current year under the CSF and it is estimated that a $2 billion would be remitted to the country under the support fund programme.

Earlier, the SBP received $1.13 billion fifth tranche released by the IMF on May 18, which was approved at the fourth review of the country economic performance on May 14. Pakistan’s foreign exchange reserves hit a record high of $16.5 billion in October 2007, but steadily fell to $6.6 billion by November 2008. During the same year, Pakistan requested the IMF for emergency help to support the balance of payments crisis. The IMF approved the 23-month standby arrangement of around $7.61 billion on November 24, 2008. Later on August 7, 2009 it was augmented to $10.66 billion and extended to the end of the current year.

Forex reserves cross $16bn mark

 

[bc040400065]

lets hope we can keep these reserves above 16 billion dollars now

The problem is that we have to payback 9.83billion $ in the next FY as our old debts installments are due. and also there is no FDI because of security situation. and tarde deficit is also realy high. but hope so that oversea pakistanis send more money back home and our trade deficit reduces.