Forex: Reserves drop to $13.71b
Reserves held by the State Bank of Pakistan (SBP) fell to $8.809 billion from $8.951 billion a week earlier
KARACHI:
Foreign exchange reserves dropped to $13.705 billion in the week ending January 18 from $13.782 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $8.809 billion from $8.951 billion a week earlier, while those held by commercial banks climbed to $4.896 billion from $4.831 billion. Exports and record remittances have also supported Pakistan’s reserves. Remittances from Pakistanis abroad rose 12.51% to $7.116 billion in the first half, July to December, of the fiscal year 2012-13 from $6.325 billion in the same period last year. Pakistan’s reserves have been drained by debt repayments, including $399 million in the week ending February 24 on an $8 billion International Monetary Fund loan.
Published in The Express Tribune, January 25th, 2013.
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