Forex reserves rise by $14.8 mn

Pakistan's foreign exchange reserves rose to $14.49 billion in the week that ended on Sept. 26 compared with $14.48 billion the previous week, the State Bank of Pakistan (SBP) said on Thursday. Reserves held by the State Bank of Pakistan were flat at $10.94 billion from a week earlier, while those held by commercial banks edged up to $3.55 billion from $3.54 billion a week earlier, said bank spokesman Syed Wasimuddin. 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. However, 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 a total $5.148 billion.