Forex reserves ease to $17.31 billion
The country’s foreign exchange reserves eased to $17.31 billion in the week ended April 9 from $17.64 billion the previous week, according to a senior central bank official.
Reserves held by the State Bank of Pakistan (SBP) fell to $13.93 billion from $14.26 billion a week ago, while those held by commercial banks were flat at $3.38 billion, unchanged from the previous week, said SBP chief spokesman Syed Wasimuddin.
“The decline in reserves during the week is due to scheduled debt repayments,” said Wasimuddin.
Forex reserves have grown steadily owing to higher export proceeds as well as record inflow of remittances. Remittances increased by 22.37 per cent to over $8 billion in the first nine months of the 2010-11 fiscal year, while a record $1.05 billion was received in March, revealed data released by the central bank.
Foreign exchange reserves were boosted in January by more than $633 million released by the US for military and logistical support in the campaign against terror.
In May 2010, the government received $1.13 billion in the fifth tranche of an $11.3 billion International Monetary Fund (IMF) bailout programme. An IMF mission was in Pakistan last month to conduct a review of the country’s economy.
Published in The Express Tribune, April 15th, 2011.
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