Forex: Reserves drop to $15.1b from $15.4b

Published: June 22, 2012
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KARACHI: 

Pakistan’s foreign exchange reserves fell to $15.0465 billion in the week ending June 15 from $15.417 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan fell to $10.6807 billion from $11.117 billion, while those held by commercial banks rose slightly to $4.3658 billion from $4.3 billion.

Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by 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. Remittances from Pakistanis abroad rose 19.54% to $12.07 billion in the first 11 months of the 2011/12 fiscal year.

Published in The Express Tribune, June 22nd, 2012.

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