Forex: Reserves flat at $17.03 billion

Reserves held by SBP fell marginally to $13.27 billion compared with $13.28 billion the previous week.

KARACHI:

Pakistan’s foreign exchange reserves were flat at $17.03 billion for the week ending November 11, unchanged from the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell marginally to $13.27 billion compared with $13.28 billion the previous week. Reserves held by commercial banks rose marginally to $3.76 billion from $3.75 billion the previous week.  Foreign exchange reserves hit a record $18.31 billion in the week ending July 30, but have since 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.

Published in The Express Tribune, November 18^th,  2011.