Friday, May 29, 2009
FOREX
The foreign exchange market (currency, forex, or FX) is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.
Pakistan's Forex Reserves
KARACHI, May 28 (Reuters) - Pakistan's foreign exchange rose by $53 million to $11.19 billion in the week that ended on May 23, a central bank spokesman said on Thursday.
The State Bank of Pakistan's reserves edged up to $7.88 billion from $7.83 billion a week earlier, while reserves held by commercial banks were unchanged from the previous week at $3.31 billion, the spokesman said.
Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill.
Pakistan agreed in November to an International Monetary Fund emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves.
The State Bank of Pakistan's reserves edged up to $7.88 billion from $7.83 billion a week earlier, while reserves held by commercial banks were unchanged from the previous week at $3.31 billion, the spokesman said.
Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill.
Pakistan agreed in November to an International Monetary Fund emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves.
Subscribe to:
Posts (Atom)
