Reserves cross $23bn

Reserves cross $23bn

Reserves cross $23bn KARACHI: The country’s total foreign exchange reserves once again crossed the $23 billion level during the week ended on Aug 19, announced the State Bank of Pakistan on Thursday.An inflow of $467 million from the international financial institutions boosted the SBP’s forex holding to $18.187bn, while the reserves of the scheduled banks remained static at $4.894bn. The country’s total reserved stood at $23.081bn during the week.

The buildup in reserves was achieved through extensive borrowings from the international lenders and central bank’s dollar buying from the currency market along with savings from lower import bill.

Source: http://www.dawn.com/news/1279990/reserves-cross-23bn

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