Pakistan's foreign exchange reserves up by $29 million

The country's total liquid foreign reserves rose by $29 million during the last week mainly due to increase in banks' reserves. According to State Bank of Pakistan's weekly forex reserve report issued on Thursday, the country's total liquid foreign reserves reached $13.465 billion as on October 17, 2014 compared to $13.436 billion as on October 10, 2014.
During the period under review, SBP's liquid foreign reserves decreased by $95 million to $8.787 billion against $8.882 billion a week earlier. During the week, the SBP made payments of $118 million on account of external debt servicing. There were no significant inflows during the week. Meanwhile, during the period under review, reserves held by banks posted an increase of $124 million to reach $4.677 billion as on October 17, 2014 compared to $4.554 billion as on October 10, 2014.