KARACHI: Foreign exchange reserves dropped to $14.96 billion in the week ending June 22 from $15.05 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan fell to $10.54 billion from $10.68 billion a week earlier, while those held by commercial banks rose slightly to $4.43 billion from $4.37 billion. Foreign exchange reserves hit a record $18.31 billion in July 2011, boosted by a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank. Higher exports and record remittances have also supported Pakistan’s reserves. Remittances from Pakistanis abroad rose 19.5% to $12.07 billion in the first 11 months of the 2011/12 fiscal year, compared with $10.1 billion in the same period last year. In May, remittances totalled $1.19 billion. Pakistan’s reserves have been reduced by
debt repayments of $2.53 billion in the current
Published in The Express Tribune, June 29th, 2012.
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