Forex: Reserves fall to $16.68b
compared with $16.88 billion in the previous week
KARACHI:
Pakistan’s foreign exchange reserves fell to $16.68 billion in the week ending December 2, compared with $16.88 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $12.86 billion, compared with $13.12 billion the previous week. Reserves held by commercial banks rose to $3.82 billion, compared with $3.76 billion from the previous week. “The fall in reserves is due to scheduled debt repayments,” said Syed Wasimuddin, chief spokesman for the central bank. Islamabad must start repaying an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, its foreign exchange reserves will come under further pressure, analysts said. 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.
Published in The Express Tribune, December 9th, 2011.
Pakistan’s foreign exchange reserves fell to $16.68 billion in the week ending December 2, compared with $16.88 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $12.86 billion, compared with $13.12 billion the previous week. Reserves held by commercial banks rose to $3.82 billion, compared with $3.76 billion from the previous week. “The fall in reserves is due to scheduled debt repayments,” said Syed Wasimuddin, chief spokesman for the central bank. Islamabad must start repaying an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, its foreign exchange reserves will come under further pressure, analysts said. 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.
Published in The Express Tribune, December 9th, 2011.