Foreign Exchange: Reserves fall to $17.15 billion

KARACHI: Foreign exchange reserves fell to $17.15 billion in the week ending October 28 from $17.21 billion the previous week, the central bank said on Thursday.  Reserves held by the State Bank of Pakistan (SBP) fell to $13.41 billion, compared with $13.44 billion in the previous week, while those held by commercial banks also fell to $3.74 billion, from $3.77 billion in the previous week, according to the State Bank of Pakistan. 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, including a $191.9 million loan from the World Bank, and a loan of $196.8 million from the Asian Development Bank. Higher export proceeds and a record inflow of remittances have also helped Pakistan’s foreign exchange reserves grow steadily.

Published in The Express Tribune, November 4^th, 2011.