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Pakistan forex reserves crosses $ 14bn

KARACHI: The foreign exchange reserves of Pakistan have crossed $ 14 billion in the week ending June 20,  ARY News reported Saturday.

According to State Bank of Pakistan, the increase of $690.23 million was recorded in the foreign exchange reserves. The recent increase has crossed the forex amount over $14 billion due to loans obtained through World Bank and privatization.

State Bank reserves are currently pitched at $ 9.19 billion while banks have the amount of $ 5.74 billion. During the consideration period, government also paid the foreign loans of up to $ 230 million.

Earlier in February this year, Pakistan’s foreign exchange reserves had risen to $8.654 billion in the week ending February 21 compared to $7.994 billion in the previous week.

Remittances from Pakistanis abroad rose 9.46 per cent to $7.8 billion in July-December, the first half of the 2013/14 fiscal year, from $7.11 billion in the same period last year.

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