Forex reserves reach record $15.758 bln: SBP

Pakistan’s foreign exchange reserves rose to a record $15.758 billion in the week ending on July 21, up $112 million from a week earlier, the State Bank of Pakistan (SBP) said on Friday.
Reserves held by the SBP rose marginally to $13.392 billion, from $13.389 billion a week earlier, while those held by commercial banks jumped to $2.366 billion from $2.257 billion, the central bank said in a statement.
Pakistan’s foreign exchange reserves have grown steadily over the past few months because of rising foreign investment inflows and higher remittances from Pakistanis abroad.
According to central bank data, Pakistan received a record 5.49 billion from overseas workers’ remittances during fiscal year 200607, up 19.6 percent from the previous year.

Copyright Reuters, 2007