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Reserves up

September 28, 2007

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KARACHI, Sept 27: Pakistan’s foreign exchange reserves rose by $13 million to a record $16.104 billion in the week ended on Sept 22, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan rose to $13.834billion from $13.798 billion a week earlier. However, those held by commercial banks fell to $2.269 billion from $2.293 billion, the central bank said in a statement.

Pakistan’s foreign exchange reserves have grown steadily over the past few months because of rising foreign investment inflows and higher remittances from Pakistanis abroad. —Reuters