Forex reserves rise to $17.523bn

Country’s foreign exchange reserves increased to $17.523 billion in the week ending on June 18, 2011, showing a slight increase of $6 million, compared to $17.517 billion last week, data released by State Bank of Pakistan said Thursday.

The reserves held by the State Bank of Pakistan reached to $14.107 million, as compared to $14.085 billion last week, however the reserves held by banks other than SBP declined to 3.415 billion as compared to $3.432 billion last week.

From: Daily Times

Forex reserves fall to $17.1 Bn

The country’s foreign exchange reserves fell to $17.107 billion on April 30 from $17.179 billion a week ago, the State Bank of Pakistan (SBP) said on Thursday.

Reserves held by SBP improved to $13.701 billion from $13.675 billion, but the reserves held by commercial banks came down to $3.405 billion from previous level of $3.503 billion. Pakistan’s foreign exchange reserves hit a record high of $17.956 billion during the week that ended March 26. The foreign reserves had fallen to $6.59 billion in November, 2008, which forced the country to get a loan of $7.6 billion from the IMF under a standby arrangement, later enhanced to $11.3 billion in August 2009.

Forex Currency

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Forex

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Foreign institutions hide clients identity

Zafar Moti Chief Executive Officer of Zafar Moti Capital Securities in an interview with The News said that foreign institutions have refused to provide Universal Identification Numbers (UINs) of their clients which is a huge discrimination between Pakistani clients and foreign clients.

This attitude should be changed and same treatment should be given to all, Zafar said.

He said it is obligatory for us to provide the complete information of our clients it should be compulsory for the foreign institutions to provide the details of their clients. Zafar minced no words in saying that authorities always are interested in facilitating the foreign investors interests but local investors interests are not catered to.

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