Pakistan: Forex reserves rise to $14.48bn

KARACHI: Foreign exchange reserves rose to $14.48 billion in the week that ended on Oct. 17 compared with $14.46 billion the previous week, the State Bank of Pakistan (SBP) said on Thursday.
Reserves held by the SBP were $10.91 billion, compared with $10.89 billion a week earlier, while those held by commercial banks were flat at $3.57 billion compared with a week earlier, the SBP said in a statement.
Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill.
An International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed in November helped avert a balance of payments crisis and shore up reserves.
The IMF, which increased the loan to $11.3 billion in July, has disbursed over $5 billion.