Forex reserves climb to record level

KARACHI: The amount of foreign exchange reserves of the country has crossed 18 billion dollars which are sufficient for six months’ imports, Geo News reported Thursday.

Spokesman State Bank of Pakistan (SBP), Syed Wasimuddin said the foreign exchange reserves during the week ended on July 2 increased by 77.6 million dollars to hit a record level at 18.247 billion dollars.

The increase is mainly attributed to the assistance of 41.1 million dollars received from Asian Development Bank (ADB) and World Bank (WB).

The foreign exchange held by SBP stands at 14.78 billion dollars while 3.46 billion dollars are with the commercial bank.