Chinese Yuan Constitutes 6.7% of $27.34billion Forex Reserves

The figure indicted that the US dollar constitutes 76.6 per cent of the total, having fell from its level of $22.59 billion in September last year to $21.67 billion in December.

Other currencies in the basket and their shares include Saudi Riyal (SDR) worth $2.32 billion; (8.2 per cent), Euro worth $1.69 billion (six per cent), and British Pound Sterling worth $688.18 million (2.4 per cent).

The report titled: Currency Composition of Foreign Exchange Reserves indicated that forex inflows to the economy in December last year stood at $20.2 billion as against $27.3 billion recorded in September, representing a decrease of 25.76 per cent.

While in the corresponding quarter of 2014, the recorded inflow was $37.01 billion, indicating a major decrease of 45.2 per cent. On the other hand, total outflows in the period under review amounted to $8.61 billion. This represents a decrease of 21.22 and 41.90 per cent in comparison with the levels recorded in the preceding quarter and corresponding quarter of 2014, respectively.

Consequently, a net out-flow of $11.67 billion was recorded in December last year as against $16.39 billion in September.

Foreign Direct Investment (FDI) inflows declined to $501.83 million in December last year from $1.21 billion in September. Estimated portfolio investment inflows (liabilities), however, increased significantly from a reverse investment level of $387.32 million in September to $1.15 billion in December.

The aggregate supply of forex for visible and invisible trade during the period under review stood at $8.48 billion. This represents a decrease of 18.3 and 55.5 per cent in comparison with the levels recorded in the preceding quarter and corresponding quarter of 2014, respectively.

The total amount utilised in December last year, consists of $5.04 billion and $3.45 billion for visible and invisible trades, representing 59.4 and 40.6 per cent, respectively.