Foreign exchange: Reserves ease to $17.9 billion

The reserves were boosted in June by inflows of $411 million, including foreign loans of $389 million.


Reuters September 05, 2011

KARACHI:


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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COMMENTS (2)

FCE | 9 years ago | Reply

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.

Syed Khurram Mohiuddin | 9 years ago | Reply

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?

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