Pak forex increase to $12.88408 billion

KARACHI: The total liquid foreign reserves of the country have increased to $ 12.88408 billion, said State Bank of Pakistan.

The foreign reserves held by State Bank on May 9, amounted to $ 8.01908 billion. The net foreign reserves held by banks were $ 4.865 billion, said SBP weekly statement here on Thursday.

During the week, SBP’s liquid foreign reserves increased by $ 780 million to $ 8,020 million compared to $ 7,240 million in the previous week.

The increase in the Central Bank’s reserves is primarily attributed to in flows of $ 1,050 million from multilateral and bilateral sources, of which $ 1,006 million were received from the World Bank.

During the week ending 09 May 2014, on account of external debt servicing and other official payments, SBP has made payments of $ 296 million from its reserves.

This includes $ 149 million payment to International Monetary Fund (IMF) under SBA.