Forex: Reserves fall to $17.35 billion

KARACHI: Foreign exchange reserves fell marginally to $17.35 billion in the week ended October 1 from $17.38 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) declined to $13.64 billion from $13.74 billion, while those held by commercial banks rose to $3.71 billion from $3.64 billion, according to SBP. Foreign exchange reserves hit a record $18.31 billion in the week ended July 30 but have eased due to debt repayments. Higher export proceeds and a record inflow of remittances have helped forex reserves grow steadily.

Published in The Express Tribune, October 7^th, 2011.