Forex reserves ease to $16.63b

ISLAMABAD: Foreign exchange reserves eased to $16.63 billion in the week ended July 9, from a record high of $16.77 billion a week ago, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $12.82 billion from $12.95 billion a week earlier, while those held by commercial banks eased to $3.81 billion from $3.82 billion, said Syed Wasimuddin, the SBP’s chief spokesman.

Forex reserves rose to a record high in the week ended July 2, thanks to foreign inflows worth $750 million received during the week. The previous record high was $16.45 billion, hit in October 2007.

In May, Pakistan received $1.13 billion, the fifth tranche of an $11.3 billion International Monetary Fund (IMF) loan. The IMF loan package was agreed to in November 2008 to help avert a balance of payments crisis and shore up reserves. REUTERS

Published in The Express Tribune, July 16^th, 2010.