Forex: Currency reserves fall to $11.758 billion

Heavy debt repayments to IMF have been putting a dent in central bank’s reserves, which have declined by nearly 20%.


APP April 11, 2013
Pakistan, on March 28, successfully paid its 11th instalment worth $143.75 million of SBA to the IMF. PHOTO: FILE.

KARACHI:


Foreign exchange reserves dropped to $11.758 billion in the week ending April 5 from $12.202 billion in the previous week, the central bank said on Thursday.


Reserves held by the State Bank of Pakistan (SBP) fell to $6.697 billion from $7.128 billion a week earlier, while those held by commercial banks fell to $5.061 billion from $5.074billion. Pakistan, on March 28, successfully paid its 11th instalment worth $143.75 million of Standby Arrangement (SBA) to the International Monetary Fund (IMF).

The next IMF repayment of $391 million is due at the end of May. Heavy debt repayments to the IMF have been putting a dent in the central bank’s reserves, which have declined by nearly 20% in the current fiscal year. Meanwhile, exports and record remittances have supported Pakistan’s reserves.

Published in The Express Tribune, April 12th, 2013.

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