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Thursday 26 January 2012

Foreign exchange reserves hit a record 18.31 billion dollars

Foreign exchange reserves hit a record 18.31 billion dollars in July, the week ended last 30 years, but have been reduced due to payment of the debt.

The holdings by the State Bank of Pakistan (SBP) fell to 12.55 billion dollars to $ 12.69 billion the previous week, while commercial banks rose to $ 4.25 billion dollars against 4.21 billion the previous week.

The reserves rose in June last year by the influx of $ 411 million, including $ 191.9 million loan from World Bank and a $ 196.8 million loan from the Asian development.

Higher export earnings and an influx record remittances also have contributed to supporting Pakistan in foreign exchange reserves.

According to official data, remittances increased by 19.6 percent to 6.33 million in the first half of fiscal year (July-June) compared with 5.29 billion the same period last year.

Islamabad has begun to repay $ 8 billion of loans from the International Monetary Fund in early 2012. Without additional revenue, which will put more pressure on foreign reserves in Pakistan.

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