Foreign exchange: Reserves fall to $17.31 billion

Foreign exchange reserves fall down from record $17.38 billion the previous week.


Reuters February 10, 2011

KARACHI: Foreign exchange reserves fell to $17.31 billion in the week ended February 5, down from a record $17.38 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $13.76 billion from $13.85 billion, while those held by commercial banks rose to $3.55 billion from $3.53 billion, said the central bank.

Analysts said the foreign exchange reserves in the country rose to a record last week due to a rise in remittances from overseas Pakistanis.

Published in The Express Tribune, February 11th, 2011.

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