Foreign Exchange: Reserves ease to $17.6b

KARACHI: Foreign exchange reserves fell to $17.6 billion in the week ended September 22, from the previous week’s $17.8 billion, according to central bank on Monday. Reserves held by the State Bank of Pakistan (SBP) fell to $14.1 billion from $14.3 billion in the earlier week, while those held by commercial banks eased to $3.52 billion from $3.45 billion, 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.

Published in The Express Tribune, September 23^rd, 2011.