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FX reserves up at $16.12bn
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FX reserves up at $16.12bnKARACHI: Country's foreign exchange reserves rose to $16.12 billion in the week ending on Aug 27 from $16.11 billion a week earlier, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $12.37 billion from $12.35 billion, while those held by commercial banks fell to $3.75 billion from $3.76 billion, said Syed Wasimuddin, the SBP's chief spokesman. Pakistani officials are holding crisis talks in Washington with the IMF focusing on the floods which started in July and the IMF predicted the catastrophe would have a "major and lasting" economic impact. The IMF and Pakistan will release a statement at 1415 GMT on Thursday about the discussions. Pakistan agreed to an $11 billion IMF loan programme in 2008. If the IMF agrees to ease the loan's targets, or extend the repayment period, it would alleviate the government's financial burden. -Reuters
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