Pakistan’s forex reserves rise to record $17.38 bln

[Burger Boy]

KARACHI: Pakistan’s foreign exchange reserves rose to a record $17.38 billion in the week ending Jan. 29, up from $17.30 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $13.85 billion from $13.74 billion in the week ending Jan. 29, while those held by commercial banks fell to $3.53 billion from $3.56 billion, said the SBP.

Analysts said the rise was due to a rise in remittances from overseas Pakistanis. According to official data, remittances rose 17 percent to $5.3 billion in the first six months of the fiscal year 2010/11 (July-June).

Pakistan’s foreign exchange reserves were boosted last month by more than $633 million from the US for providing military and logistical support to fight Islamist militancy.

In May, Pakistan received $1.13 billion – the fifth tranche of an $11 billion International Monetary Fund bailout programme.

Pakistan?s forex reserves rise to record $17.38 bln | DAWN.COM | Latest news, Breaking news, Pakistan News, World news, business, sport and multimedia

 

[VCheng]

What about some other important economic parameters?

Debt obligations, Economic output, Inflation rates, Balance of payments etc.

You do know there is more to a national economy than just Forex reserves, right?

 

[ares]

What about some other important economic parameters?

Debt obligations, Economic output, Inflation rates, Balance of payments etc.

You do know there is more to a national economy than just Forex reserves, right?

Inflation rate - 15%(approx)

GDP growth rate 2.5%-3% (Disputed figures - final numbers not in yet)

Debt servicing - $3 Billion per anum approx

Pakistan's total debt(external + internal) = $126.4 Billion

Debt to GDP ratio = 73.3 %

Pakistan's budget deficit = 6% ..expected to cross 7% by end of this FY.

 

[Evil Flare]

more than half is given by IMF on interest rates

 

[ares]

more than half is given by IMF on interest rates

Out of $17.38 Billion ... $7.8 Billion(from total $11.3 billion) belongs to IMF..which Pakistan will be required to return to IMF within 3 yrs of completion of stand by arrangement with IMF..which was suppose to end on 31 Dec 2010 but will now end in Sep 2011.

Though interest rate are nominal(2%) ..just to keep up with inflation of US dollar...so that IMF does not loose money, when Pakistan finally returns it back.

 

[farhan_9909]

I dnt knw how will we pay the billions doller back to IMF..

this thing wonder me.because i think this is nt possible