Pakistan forex reserves remain unchanged at $17.3 bn
November 20th, 2011 - 7:01 pm ICT by IANSIslamabad, Nov 20 (IANS) Pakistan’s foreign exchange reserves remained unchanged from the previous week at $17.3 billion for the week ending Nov 11, the central bank said.
Reserves held by the State Bank of Pakistan (SBP) fell marginally to $13.27 billion, compared with $13.28 billion in the previous week, the News reported.
Reserves held by commercial banks rose marginally to $3.76 billion, from $3.75 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, the bank said Thursday.
The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a loan of $196.8 million 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 23.24 percent to $4.3 billion in the first four months of the 2010/11 fiscal year (July-June), compared with $3.50 billion in the corresponding period last year.
Remittances rose to $1.02 billion in October, compared with$855.11 million received in October last year.
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