Pakistan’s forex reserves edge up to $15.83bn


Pakistan’s foreign exchange reserves rose slightly to $15.83 billion in the week ending June 25, up from $15.78 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) edged up to $12.06 billion from $12.01 billion a week earlier, while those held by commercial banks were flat at $3.77 billion, said Syed Wasimuddin, chief spokesman of the State Bank of Pakistan (SBP).
Earlier, the SBP said it has received foreign inflows worth $710 million over the past few days.
But Wasimuddin said only $65 million of those inflows were incorporated in these numbers, while the remaining would be shown in the data for the next week.
In May, Pakistan received $1.13 billion, the fifth tranche of a $10.66 billion International Monetary Fund (IMF) loan.
The IMF loan package was agreed to in November 2008 to help avert a balance-of-payments crisis and shore up reserves.
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.

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