Tag Archives: Forex

Forex reserves sustainability remains cause for concern

KARACHI – Pakistan’s foreign exchange reserves are at a record high yet the sustainability of those reserves are a cause for concern in the medium term, analysts said on Friday. Foreign exchange reserves rose to an all-time high of $17.95 billion for the week ended March 26, but eased to $17.31 billion in the week ended on April 9.
“When you say record-high forex reserves, you have to be realistic as well, as out of the reserves nearly $8.0 billion is the amount we have borrowed

Pakistan’s forex reserves ease to $17.31 bln

KARACHI – Pakistan’s foreign exchange reserves eased to $17.31 billion in the week ending on April 9, from $17.64 billion the previous week, a senior central bank official said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $13.93 billion from $14.26 billion a week ago, while those held by commercial banks were flat at $3.38 billion, unchanged from the previous week, said SBP chief spokesman Syed Wasimuddin.
“The decline in reserves during the week is

SBP directs banks to submit forex transactions with Iran

KARACHI – The State Bank of Pakistan (SBP) has asked the authorised foreign currency dealers, in all commercial banks, for details of transactions, under the Asian Clearing Union (ACU) mechanism, with Iran. Sources, privy to the matter, told Pakistan Today that the federal government had taken this initiative through the State Bank and on the behest of its strategic partners in the United States – who wanted to check nuclear proliferation to atomically-ambitious Tehran.
“Iran is

Analysts skeptical as forex nears $18b mark

KARACHI – With economic observers quite skeptical about its benefit for the ailing economy, the country’s 0 reserves have once again swelled to a record high and are less than $40 million away from hitting the $18 billion mark. Economic observers, however, see limited or no major impact of the soaring but ‘frozen’ dollar reserves on the country’s troubled economy. According to data released by the State Bank of Pakistan (SBP) on Thursday, the country’s total liquid foreign reserves

Forex reserves rise to record $17.95 billion

KARACHI – Pakistan’s foreign exchange reserves rose to a record $17.95 billion in the week ending on March 26, from $17.50 billion the previous week, a senior central bank official said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $14.54 billion from $14.09 billion a week ago, while those held by commercial banks were flat at $3.41 billion, said SBP chief spokesman Syed Wasimuddin.
“The jump in reserves is largely due to higher export proceeds as

Forex reserves dip to $17.49b

KARACHI – Pakistan’s foreign exchange reserves have slightly eased, down by 0.63 percent, during the week ending on March 19 following a record Rs 17.608 billion. Figures from the State Bank of Pakistan (SBP) reveal that, during the week under review, total liquid foreign reserves stood at $17.496 billion, down by $ 112 million against $17.608 billion last week that ended on March 12.
According to SBP, during the week in review, the central bank held $14.092 billion against a

Banking court acquits 2 forex dealers

KARACHI – A special banking court on Thursday exonerated two foreign exchange dealers from all charges of money laundering. Judge Mir Muhammad Sheikh granted the 249-A acquittal application submitted by the alleged accused Zafar Paracha and Salman Paracha through their counsel.
Earlier, the case Investigation Officer (IO) had submitted the final challan of the case, requesting the court to exclude the names of both the suspects from all charges but it was refused by the trial

Middle East crisis propels a jump in forex reserves

KARACHI – Following a waning trend in the past two weeks, the country’s foreign exchange reserves have hit a record high of $17.608 billion in the week ending on March 12. Figures from the State Bank of Pakistan (SBP) reveal that, during the week under review, the country’s total liquid foreign reserves increased by $238 million or 1.37 percent compared to $17.370 billion in the previous week. Current reserves of over $17.608 billion raised 0.1 percent or $19 million compared to the

Acquittal in fOREX SCAM case – Inquiry report sent to CJP

KARACHI – The inquiry report into the acquittal of eight suspects in Khanani and Kalia money laundering case was sent to Chief Justice of Pakistan (CJP) Justice Iftikhar Muhammad Chaudry on Monday. Earlier, Justice Sajjad Ali Shah had presented the sealed report to Sindh High Court (SHC) Chief Justice Musheer Alam. The SHC chief justice had initiated a probe on the directive of CJP, who took suo motu notice of the comments from Federal Investigation Agency (FIA) Director General

FIA DG’s statement recorded in forex scam case

KARACHI – The Federal Investigation Agency (FIA) director general (DG) Waseem Ahmed appeared before Justice Sajjad Ali Shah of the Sindh High Court (SHC) on Friday to record his statement on the acquittal of the accused in the Khanani and Kalia money laundering case.
The FIA DG was directed on March 9 to appear the judge and bring all evidence and record to back his statement before a senate committee and the media following the acquittal of eight men in the famous foreign

Forex reserves continue to fall

KARACHI – This week again the country’s foreign exchange reserves sustained a declining trajectory and shrank by $135 million to $17.370 billion during the week ending on March 5. The previous week that ended on February 19 also saw the country’s dollar reserves decreasing by 0.48 percent to $17.505 billion after hitting the historic high of $17.589 billion in the preceding week.
According to State Bank of Pakistan, during the week under review, total liquid foreign reserves of

Forex reserves fall to $17.505 billion

KARACHI – The country’s foreign exchange reserves underwent a slender decline of $84.5 million and reached $17.505 billion during the week ending on February 26. The 0.48 percent slump was seen after the country’s most-needed dollar reserves hit a historic high of $17.589 billion on the back of, what the central bank said, soaring inflow of the greenback under worker remittances and exports.
Pakistan’s dollar reserves had also climbed to a record $17.447 billion in the week

Surging exports take forex reserves to $17.589b

KARACHI – Pakistan’s foreign exchange reserves sustained its’ record break record-breaking spree and stayed at a high of $17.589 billion during the week, ending on February 19. Heavy dollars inflow, primarily due to mounting worker remittances and exports, has triggered the rise, the State Bank claimed.
Foreign currency reserves had also earlier hit a historic high of $17.447 billion in the last week, ending on February 15.
While, in the preceding week ending on February 5,

Forex reserves again hit record $17.447 billion

KARACHI – The country’s liquid foreign exchange reserves have once again hit the highest level of over $17.447 billion during the week that ended on February 15. It was the last week on February 5, when the foreign exchange reserves slid to $17.314 billion after touching a record high of $17.386 billion a week earlier.
According to the State Bank of Pakistan (SBP), during the week under review the country held a foreign exchange of $17.447 billion against $17.314 billion of

Forex reserves continue to amass, at $17.3 billion

KARACHI – The country’s liquid foreign exchange reserves continue to witness an upward trend and hit the historic mark of $17.3 billion in the week that ended on January 22, the State Bank of Pakistan (SBP) has revealed.
The central bank figures show that the country’s foreign reserves sustained the upturn and swelled by $18.5 million or 0.1 percent to the historic $17.300 billion against $17.281 billion of the previous week that ended on January 15. In the case of this week as

Forex reserves inch up to $17.28b

KARACHI – Liquid foreign exchange reserves, held by Pakistan, have exhibited a slight rise and reached $17.28 billion compared to $17.09 billion during the week ending on January 15. According to the State Bank, the country’s foreign exchange reserves stood at $17,281.6 million on January 15. During the week under review, reserves of the State Bank also increased and stood at $13.657 billion, compared to $ 13.437 billion last week. A downward trend of foreign exchange reserves held by

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