KARACHI: The country’s foreign exchange reserves fell to $17.09 billion during the week ended January 8 – down $110 million over the preceding week, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Reserves held by the central bank stood at $13.44 billion, compared with $13.53 billion at the end of the preceding week, while those held by scheduled banks tallied $3.65 billion, down $2 million.
Foreign exchange reserves had touched a record high of $17.2 billion on January 1 as the country received more than $633 million from the United States for providing military and logistical support in the fight against militancy.
Earlier, they had hit a high of $17.1 billion during October last year on the back of an increase in remittances from overseas Pakistanis and a narrowing trade deficit. Prior to this, reserves received a boost in September after the International Monetary Fund (IMF) sent Pakistan $450 million for flood relief.
Published in The Express Tribune, January 14th, 2011.
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