The country’s foreign exchange reserves hit a record high of $13.379 billion in the week ending March 3, due to foreign investment inflows and higher remittances from Pakistanis abroad, the central bank said on Thursday.
Reserves held by State Bank of Pakistan (SBP) reached a high of $11.062 billion, up from $10.998 billion a week earlier, however those held by commercial banks fell to $2.317 billion from $2.345 billion, the central bank said in a statement.
“We have seen robust foreign exchange inflows in recent months due to higher remittances from Pakistanis working abroad, and also because of a substantial rise in foreign investment,” said chief central bank spokesman Syed Wasimuddin.
Foreign direct investment rose more than 69 percent to $2.1 billion in the first seven months of the 2006/07 fiscal year (July-June), led by inflows into the financial, communications and energy sectors, official figures show.
Inflows from foreign portfolio investment during July-January were $697.4 million, up from $400.5 million in the corresponding period last year.
During the period, remittances sent by Pakistanis abroad were recorded at $2.96 billion, up from $2.44 billion in the year-ago period.
“Our reserves are now sufficient for six-and-a-half months of imports,” said Wasimuddin.
Re: Forex reserves hit record $13.379 billion: SBP
I think pakistanis are just not keeping money abroad after 9/11 they are suspecious of US tactics.
plus i guess, sending channels are legalised that shows more accurate figures.
Re: Forex reserves hit record $13.379 billion: SBP
Where is all this money coming from ... is it just remittances, or are Pakistanis running back?
The two are very different.
big part of the forex was obtained by selling of state owned businesses and utilities. ofcourse the un-genius govt will never provide the correct break up or source. how else can they keep most of pakis in uninformed heaven on earth
Re: Forex reserves hit record $13.379 billion: SBP
Few sources are:
off course, public assets are being awarded or rewarded, just imagen that some concerns were sold 50+ percent “less than their market value” and “tangible” worth.
a list of previously sold out (throughn out) assets and “future targets” means “upcomings” may be viewed at http://www.pakboi.gov.pk/
tips and “tricks” in foreign trade may be noted
internation monetary valuation/revaluation/devaluation may be another source
*]local industry “shut down” is a dark side of such a handsome (so called handsome when we compare with other countries of our level) funds
chup raha be naa jay, kutchh kaha be na jaay, a number of other hidden factors sometime one cant disclose. … sighd:bummer:
Re: Forex reserves hit record $13.379 billion: SBP
Can anyone explain me the funda behind having forex?
I mean i know a country needs to save some money for bad times but what else is its use? Why cant countries have limit over forex and use rest of the money for infrastructure..? I mean in India for example the forex is over 200bn which is just sitting in teh banks and while a lot of infrastructure projects are being done on loan from WB, Japan etc... why cant they use their own money?
Thanks in advance