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Pakistan's foreign exchange reserves hit fresh peak of $16.76 billion |
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Friday, July 09, 2010 |
KARACHI: The country's total liquid foreign exchange reserves reached highest-ever level of $16.76 billion following high inflows during the last week of June. Sources said the country received $470 million from the Asian Development Bank, $95 million from the World Bank and $185 million from the USAID, which pushed the reserves to a record level. These inflows pushed the country's reserves to peak level.
Although Pakistan was also expecting another inflow of $500 million form Etisalat - the buyer of PTCL, however these inflows were not received in June. According to the State Bank of Pakistan the country's total liquid forex reserves surged by $934 million to $16.7677 billion on July 2, 2010 from $15.833 billion a week earlier.
The major raise was witnessed in the reserves held by the SBP, which reached nearly $13 billion. Reserves held by the SBP increased by $885.2 million to $12.9517 billion during the last week as compared to $12.0665 billion a week earlier. Foreign exchange reserves held by banks also witnessed increasing trend and went up by $49.5 million during last week. After the current surge, banks' overall forex reserves rose to $3.816 billion as compared to $3.7665 billion a week earlier.
Earlier, on November 8, 2007, the country's foreign exchange were at peak level of $16.38 billion, however imposition of emergency in the country by former president Pervez Musharraf badly hurt foreign investors confidence and resulted in massive decline in the reserves. The country's forex reserves declined to $6.5 billion in November 2008, which forced the country to re-join the IMF programme. |
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Source : http://businessrecorder.com.pk/ |
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