Forex: Reserves decline to $16.97b

Forex reserves declined to $16.97 billion from $17.01 billion a week ago.

KARACHI: The foreign exchange reserves of the country for the week ended on May 14 declined to $16.97 billion as compared to the previous week when the reserves were $17.01 billion, according to an announcement here on Thursday by the State Bank of Pakistan (SBP).

Break-up of the foreign reserves position further showed that reserves held by the State Bank of Pakistan were $13.56 billion, while those held by other banks were $3.41 billion.

Published in The Express Tribune, May 20^th, 2011.