Pakistan's forex reserves rises to $9.4 bn

Boost in the reserves has come because of a rise in remittances from Pakistani workers abroad which jumped by 9% to $3.9 billion

Pakistan's central bank today said the country's foreign exchange reserves rose to $9.497 billion in the week ended October 25, as compared to $9.230 billion in the previous week.

 

The State Bank of Pakistan in a statement said the boost in the foreign exchange reserves had come because of a rise in remittances from Pakistani workers abroad which jumped by 9% to $3.9 billion, during the first three months of the current fiscal year from $3.6 billion in the same period last year.

 

The State bank said the foreign exchange reserves had seen an increase of 5.21% from the previous week with the central bank holding $4.299 billion and banks holding $5.198 billion reserves.

 

 

The week also saw the Karachi Stock Exchange (KSE) close the month on a positive note, getting stronger by above 2%.

 

The benchmark KSE-100 Index jumped by 2.09% or 465.26 points to close at 22,775.85 during the month.