Forex reserves rise by $505m

Forex reserves rise by $505m


KARACHI: The total liquid foreign reserves held by the country stood at $8.526 billion on December 13, 2013. 
The reserves held by the State Bank of Pakistan (SBP) stood at $3.468 billion on December 13 as compared to $2.963 billion the previous week.
The net foreign reserves held by banks, other than SBP, stood at $5.058 billion. 
The SBP said, “During the week ending on December 13, SBP’s liquid forex reserves increased by $505 million to $3,468 million as against $2,963 million the previous week.” 
The increase in the central bank’s reserves is mainly attributed to $430 million inflows from multilateral and bilateral sources, which include $144 million from Department for International Development (DFID), $137 million from Islamic Development Bank (IDB) and $149 million accounted for receipts from other multilateral institutions. 
On account of external debt servicing and other official payments, SBP has made payments of $100 million from its reserves during the week ending on December 13.
More inflows, including disbursement of the second tranche of Extended Fund Facility of around $550 million, are expected in the coming days that would further augment the foreign exchange reserves of the country.

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