Forex: Reserves drop to $15.4b from $15.5b

Reserves held by the SBP fell to $11.117 billion from $11.244 billion a week earlier

KARACHI: Foreign exchange reserves dropped to $15.417 billion in the week ending June 14 from $15.536 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $11.117 billion from $11.244 billion a week earlier, while those held by commercial banks rose to $4.3 billion from $4.293 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.

Published in The Express Tribune, June 15^th, 2012.