Forex reserves cross $11 billion

[LahoreEstate]

KARACHI: The country’s liquid foreign exchange reserves have reached $11.171 billion on week ending at April 04, 2009 as compared with $10.090 billion last week, data released by State Bank of Pakistan, shows Thursday. The overall reserves witnessed an increase of $1.081 billion during the last week. The reserves held by the central bank witnessed a major increase of $1.171 billion to reach $7.805 billion as compared with $6.634 billion during the last week. However, the reserves held by banks (other than SBP), witnessed a decrease of $0.091 million, as they fell to $3.365 billion as compared with $3.456 billion last week. Pakistan has recently received $500 million from the World Bank and $848 million from the International Monetary Fund, which is reflected in the data this week. 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 agreed in November to an IMF emergency loan package of $7.6 billion to avert a balance of payments crisis. staff report.

http://www.dailytimes.com.pk/default.asp...2009_pg5_5