Pakistan’s foreign exchange reserves fell to $17.38 billion in the week ending September 24 from $17.64 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) declined to $13.74 billion from $14.12 billion, while those held by commercial banks rose to $3.64 billion from $3.52 billion, according to the SBP.
Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to debt repayments.
The reserves were boosted in June by inflows of $411 million from the World Bank and the Asian Development Bank.
Higher export proceeds and a record inflow of remittances have helped Pakistan’s forex reserves grow steadily.
Published in The Express Tribune, September 30th, 2011.
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