KARACHI – The country’s liquid foreign exchange reserves have once again hit the highest level of over $17.447 billion during the week that ended on February 15. It was the last week on February 5, when the foreign exchange reserves slid to $17.314 billion after touching a record high of $17.386 billion a week earlier.
According to the State Bank of Pakistan (SBP), during the week under review the country held a foreign exchange of $17.447 billion against $17.314 billion of previous week, registering a growth of $133 million or 0.76 percent. The foreign exchange held by the State Bank also witnessed an upsurge of $146 million by standing at $13.912 billion, compared to $13.766 billion a week earlier.
During the week under review, the commercial banks calculated their foreign currency reserves downward at $3.534 billion, some $13 million less than $3.547 billion last week. The SBP Chief Spokesman, Syed Wasimuddin told Pakistan Today that the record increase in the country’s foreign exchange reserves was due to healthy inflow of workers remittances and exports receipts.
The federal government is expecting the foreign remittances crossing the $10 billion mark this year for the first time on the bank of official measures such as lifting the ban on the export of foreign currencies, the opening of dedicated booths at banks amongst other steps. The reimbursement of some $743 million by the United States on account of war expenses under the CSF is also said to have pushed foreign exchange reserves upwards.
The analysts are upbeat that the transfer of between $500 and $700m under CSF during the second half would continue to help the cash strapped country improve its current accounts.
