Pakistan’s foreign exchange reserve climbs to record $16.99 billion in the week ending on October 1st, up from $16.79 billion held previous week, the State Bank of Pakistan announced on Thursday.
State Bank spokesman Wasimuddin told the media, “the rise is due to the continuously rising inflow of remittances, as well as the inflow of a grant of $16.6 million from the United Kingdom to be spent on education in the Khyber-Pakhtunkhwa province”.
Pakistan also received $450 million from IMF last month to help finance flood relief efforts and urgent foreign exchange needs.
State Bank of Pakistan has $13.5 billion in foreign exchange and the commercial banks of Pakistan hold $3.80 billion, Wasimuddin said.
Pakistan has yet to receive the sixth instalment of the total $11 billion IMF bail out program agreed upon in 2008. IMF has delayed the payment until the release of flood damage assessment report due in mid October.
Ibrahim Sajid Malick is a Pakistani-American writer, technologist, and social entrepreneur. He has been writing on Pakistani society and politics since 1986. He has held several media, communications, and technology positions for organizations large and small. Mr. Malick graduated from New School for Social Research with a master’s degree in anthropology. He holds several technology and management certifications. He works for a leading technology firm and blogs at www.ibrahimsajidmalick.com
I am amazed! economy is still falling
Nice forex ratings, pakistani market should lead
very nice info about Pakistan for-ex exchange . thanks very much yar i really appreciate it .