Forex: Reserves drop to $16.10b
Dropped from $16.416 billion the previous week
Reuters
May 17, 2012
Less than a minute read
KARACHI:
Foreign exchange reserves dropped to $16.103 billion in the week ending May 11 from $16.416 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan fell to $11.784 billion from $11.978 billion a week earlier, while those held by commercial banks dropped to $4.319 billion from $4.438 billion. Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by inflows of $411 million, including a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank. Higher exports and record remittances have also supported Pakistan’s reserves. Pakistan’s reserves have been drained by debt repayments, including $399 million in the week ending February 24 on an $8 billion International Monetary Fund loan. The next repayment is due by the end of the 2011/12 fiscal year.
Published in The Express Tribune, May 18th, 2012.
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