Foreign exchange: Reserves ease to $17.9 billion
Foreign exchange reserves fell to $17.9 billion in the week ended August 27, from the previous week’s $17.96 billion, according to the central bank on Monday.
Reserves held by the State Bank of Pakistan (SBP) fell to $14.45 billion from $14.5 billion in the earlier week, while those held by commercial banks eased to $3.45 billion from $3.46 billion, according to a statement released by the State Bank of Pakistan.
Foreign exchange reserves hit a record high of $18.31 billion in the week ended July 30 but have eased since then due to scheduled debt repayments.
The reserves were boosted in June by inflows of $411 million, including a loan of $191.9 million from the World Bank and another loan of $196.8 million from the Asian Development Bank.
Higher export proceeds and a record inflow of remittances have helped reserves grow steadily.
Published in The Express Tribune, September 6th, 2011.
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Agreed. When this global economic crises finally comes to a head, where will that leave Pakistan. The knock-on effect is going to be severe.
Falling exchange reserves, weak rupee, high fiscal deficits, double digit inflation, rising import-export gap, round of monetary easing by SBP
All these indicators depict the "calm before the storm" when dark clouds are gathering.
The storm being a strong textSECOND BALANCE OF PAYMENTS CRISIS!strong text
When will it hit us? 1 year, 2 years maybe?