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FX reserves surge to $11.84bn
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Staff Reporter
KARACHI: Country's total liquid foreign exchange reserves have surged by $68 million to over $11.838 billion this week as compared with $11.77 billion the previous week.
According to weekly report of State Bank of Pakistan (SBP) here Thursday, the foreign exchange reserves held by the central bank were estimated at $8.549 billion on June 27, 2009, while reserves held by the banks stood at about $3.289 billion.The State Bank of Pakistan's reserves edged up to $8.55 billion from $8.45 billion a week earlier. Reserves held by commercial banks fell to $3.29 billion from the previous week's $3.32 billion, the SBP spokesman said. Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill.
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