Forex reserves rise to $15.249bln

KARACHI: Pakistan’s foreign exchange reserves rose to $15.249 billion during the week ended July 12 from $14.259 billion a week earlier, the central bank reported on Thursday. The reserves held by the State Bank of Pakistan (SBP) stood at $8.001 billion, compared with $7.083 billion in the previous week.

“During the week ending July 12, 2019, SBP received the first tranche of $991.4 million from the IMF,” the SBP said in a statement. “After taking into account outflows relating to external debt and other official payments, SBP reserves increased by $918 million during the week.” The reserves of commercial banks also rose to $7.247 billion from $7.175 billion.