Pakistan’s foreign exchange reserve hits $16.9 billion
Pakistan Foreign Exchange climbs to $16.9 billion
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.
out of 16.9 8 are taken from imf and to be re paid soon also government trying hard to get more and save the money in hand hahhh….