KARACHI, Pakistan News Pakistan’s foreign exchange reserves rose to $15.36 billion in the week that ended on May 7 from $15.04 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $11.55 billion from $11.18 billion a week earlier, while those held by commercial banks eased to $3.81 billion from $3.86 billion, said chief SBP spokesman, Syed Wasimuddin.
“This includes $468 million received from the United States last week,” said Wasimuddin.
Pakistan’s foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November 2008, largely because of a soaring import bill.
An International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed to in November 2008 helped avert a balance of payments crisis and shore up reserves.
The IMF increased the loan to $11.3 billion in July and the central bank received a fourth tranche of $1.2 billion on Dec. 28.
The IMF board is due to meet on Friday to discuss the approval of a delayed fifth tranche of about $1.15 billion.
No comments:
Post a Comment