Forex reserves rise to $14.49bn

KARACHI: Pakistan’s foreign exchange reserves rose to $14.49 billion in the week that ended on September 26 compared with $14.48 billion the previous week, the State Bank of Pakistan (SBP) said on Thursday.

Reserves held by the State Bank of Pakistan were flat at $10.94 billion from a week earlier, while those held by commercial banks edged up to $3.55 billion from $3.54 billion a week earlier, data showed. Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill. However, an International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed in November helped avert a balance of payments crisis and shore up reserves. staff report

Source: dailytimes.com