Forex reserves up at $16.42bn

KARACHI: Pakistan’s foreign exchange reserves rose to $16.42 billion in the week ending December 25, up from $16.39 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $12.71 billion from $12.63 billion in the week ending Dec 25, while those held by commercial banks fell to $3.71 billion from $3.76 billion, said Syed Wasimuddin, chief spokesman of the central bank. “The $633 million from the United States will be included in the forex reserve data released next week,” said Wasimuddin. Pakistan’s reserves hit a record high of $17.10 billion in the week ending Oct 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit.

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