Pakistan's forex reserves hit record $13.254 billion

Silly_Billy · February 9, 2007, 9:55pm

Another historic economic achievment for Pakistan. :k:

Pakistan’s forex reserves hit record $13.254 bln

Pakistan’s foreign exchange reserves hit a new high of $13.254 billion in the week ending on Feb. 3, thanks to higher remittances from Pakistanis abroad and rising foreign investment, the central bank said on Friday. Reserves held by the State Bank of Pakistan (SBP) jumped to $10.845 billion from $10.579 billion a week earlier, while those held by commercial banks rose to $2.409 billion from $2.378 billion, the central bank said in a statement. The previous all-time high level of reserves was $13.137 billion, reached in June last year. “Foreign exchange inflows have been robust in recent times due to healthy remittances from overseas Pakistanis, as well as a substantial rise in foreign direct investment,” said chief central bank spokesman Syed Wasimuddin. Foreign direct investment rose 67 percent to $1.87 billion in the first half of the 2006/07 fiscal year, led by inflows into the communications, energy, and banking and financial services sectors, official figures show. Inflows from foreign portfolio investment during the six months were $627 million, up from $359 million in the corresponding period last year. During the period, remittances sent by Pakistanis abroad were recorded at $2.57 billion, up from $2.05 billion in the year-ago period. Wasimuddin said a fall in international oil prices had also resulted in some reduction in the country’s oil import bill, thus strengthening reserves.

http://asia.news.yahoo.com/070209/3/2x788.html

mercenary2k · February 9, 2007, 9:59pm