KARACHI: Country's foreign exchange reserves rose to $16.92 billion in the week ending Dec. 30, compared with $16.77 billion the previous week, State Bank of Pakistan (SBP) said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) were flat at $12.88 billion, unchanged from the previous week, while those held by commercial banks rose to $4.04 billion, compared with $3.96 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.
Reserves were boosted in June last year by inflows of $411 million, including a $191.9 million loan from the World Bank, and a $196.8 million loan 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 18.33 percent to $5.24 billion in the first five months of the fiscal year (July-June), compared with $4.43 billion in the same period a year earlier.
However, they fell slightly to $923 million in November, compared with $926.89 million received in November last year.
Islamabad has to start repaying an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, that will put further pressure on Pakistan's foreign exchange reserves. (Reuters)
Reserves held by the State Bank of Pakistan (SBP) were flat at $12.88 billion, unchanged from the previous week, while those held by commercial banks rose to $4.04 billion, compared with $3.96 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.
Reserves were boosted in June last year by inflows of $411 million, including a $191.9 million loan from the World Bank, and a $196.8 million loan 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 18.33 percent to $5.24 billion in the first five months of the fiscal year (July-June), compared with $4.43 billion in the same period a year earlier.
However, they fell slightly to $923 million in November, compared with $926.89 million received in November last year.
Islamabad has to start repaying an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, that will put further pressure on Pakistan's foreign exchange reserves. (Reuters)