Pakistans foreign exchange reserves rise to $10.26 billion

[Naveed Yaseen]

KARACHI (March 28 2009): Pakistans foreign exchange reserves rose by $100 million to $10.26 billion in the week that ended on March 21, the central bank said on Thursday. The State Bank of Pakistans reserves rose to $6.79 billion from $6.69 billion a week earlier while reserves held by commercial banks were flat at $3.47 billion, SBP said.

Pakistans foreign reserves hit a record high of $16.5 billion in October 2007 but fell to $6.6 billion in November, largely because of a soaring import bill. Pakistan expects to get another $700 million in foreign inflows this month, Shaukat Tarin, the countrys top finance official, said last week.

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