Forex: Reserves fall to $17.17 billion

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but eased due to debt repayments.

KARACHI:

Pakistan’s foreign exchange reserves fell to $17.17 billion in the week ending October 8 from $17.35 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) declined to $13.46 billion from $13.64 billion, while those held by commercial banks were flat at $3.71 billion, according to the State Bank of Pakistan.

“The fall in reserves is due to scheduled debt repayments,” said Syed Wasimuddin, chief spokesman for the central bank.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to debt repayments.

The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a
loan of $196.8 million from the Asian Development Bank.

Published in The Express Tribune, October 14^th, 2011.