Forex reserves increase to $14.476 billion

[Naveed Yaseen]

KARACHI: The country’s foreign exchange reserves have reached to $14.476 billion on the week ending on September 19 as compared with $14.36 billion last week, data released by the State Bank of Pakistan shows on Thursday.

The overall reserves recorded a gain of $116 millions during the last week. The reserves held by the SBP witnessed a gain of $98 million to reach $10.941 billion, compared with $10.843 billion last week.

The reserves held by the banks other than SBP witnessed a gain of $17 million to reach $3.534 billion as compared with $3.517 billion last week.

Increased forex will improve budget, trade balances: Engineer M.A. Jabbar, Chairman SITE Association of Industry, has welcomed the boost in Pakistan's foreign reserves and said it would improve credit rating of the country in terms of strength to finance imports for meeting target requirements to reduce shortfall.

Talking to APP, he said this improvement would also help the country to offset the effect of fluctuations in oil prices.

The rise in oil prices normally decreases foreign exchange reserves but with the improved level of reserves, the increase in oil prices will be easily absorbed by the country, he said. staff report/app

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