KARACHI – Pakistan’s gross foreign exchange reserves rise by
$207 million to $16.311 billion in the week ended on May 18, 2012 from
$16.104 billion the last week, the State Bank of Pakistan (SBP) reported
on Thursday.
Foreign exchange
reserves controlled by SBP rise by $152 million to $11.936 billion
throughout the week under review from $11.784 billion a week earlier,
while those forex reserves controlled by commercial banks increased to
$4.375 billion from $4.319 billion. Syed Wasimuddin, the SBP chief
spokesman, said that the rise in forex reserves in due to the
multilateral inflows and remittances. During the current month until May
18, 2012, acknowledgements from multilaterals totaled to $94 million.
He highlighted that in the current fiscal year until May 18, 2012,
Pakistan has made debt payments counting to $2.53 billion (inclusive of
$809million to IMF) and other multifaceted payments of $1.52 billion,
while acknowledgements from multilaterals and others came to $1.21
billion. Pakistan had paid the first installment under International
Monetary Fund (IMF)/Standby Arrangement (SBA) facility of $399 million
in the week ended on February 24, 2012, whereas the second installment
under IMF/SBA facility amounting to $394 million has also been
successfully paid at May 25, 2012
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