Forex: Reserves drop to $14.8b from $14.9b

KARACHI: Foreign exchange reserves dropped by $166 million to $14.773 billion in the week ending July 26 from $14.889 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $10.355 billion from $10.502 billion a week earlier, while those held by commercial banks dropped to $4.418 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.

Published in The Express Tribune, July 27^th, 2012.