Reserves rise to record $17.44bn

Reserves held by the SBP rose to $13.91 billion from $13.76 billion in the week ending February 12. — File Photo

KARACHI: The foreign exchange reserves rose to a record $17.44 billion in the week ending February 12, up from $17.31 billion the previous week, the State Bank of Pakistan said on Thursday.

Reserves held by the SBP rose to $13.91 billion from $13.76 billion in the week ending February 12, while those held by commercial banks fell to $3.53 billion from $3.55 billion, said the central bank.

“Foreign exchange reserves rose to a record because of a rise in remittances and increasing exports,” said Syed Wasimuddin, chief spokesman for the State Bank.

Remittances by overseas Pakistanis were recorded at $6.12 billion during the first seven months of the fiscal year 2010-11, up 17.70 per cent from the same period last year, according to SBP data.—Reuters

Pakistan’s 3-month fiscal deficit at 1.6 pct of GDP

This compared with a fiscal deficit of 1.5 percent in the same period last year. — File Photo

KARACHI: Pakistan’s budget deficit for the first three months of the 2010/11 fiscal year, which runs to next June, was 1.6 percent of gross domestic product, the Finance Ministry said on its web site on Wednesday.

This compared with a fiscal deficit of 1.5 per cent in the same period last year.

Pakistan announced last month a fiscal deficit of 4.7 per cent of GDP, agreed with the International Monetary Fund for fiscal year 2010/11 as part of an $11 billion bailout programme dating from 2008.