Forex reserves rise to record $17.95 billion | Pakistan Today

Forex reserves rise to record $17.95 billion

KARACHI – Pakistan’s foreign exchange reserves rose to a record $17.95 billion in the week ending on March 26, from $17.50 billion the previous week, a senior central bank official said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $14.54 billion from $14.09 billion a week ago, while those held by commercial banks were flat at $3.41 billion, said SBP chief spokesman Syed Wasimuddin.
“The jump in reserves is largely due to higher export proceeds as well as record inflow of remittances,” said Wasimuddin.
Remittances rose by 20 percent to $6.96 billion in the first eight months of the 2010/11 (July-June) fiscal year, compared to the same period the previous year, according to central bank data.
Foreign exchange reserves were boosted in January by more than $633 million when the United States provided funds military and logistical support for a campaign against a Taliban insurgency.
In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme.
An IMF mission was in Pakistan this month to conduct a review of the country’s economy.

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