Forex: Reserves drop to $13.81 billion

KARACHI: Foreign exchange reserves dropped to $13.81 billion in the week ending November 16 from $13.85 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $9.12 billion from $9.24 a week earlier, while those held by commercial banks rose to $4.69 billion from $4.60 billion. Foreign exchange reserves hit a record $18.31 billion in July 2012. Higher exports and record remittances have also supported Pakistan’s reserves. Overseas Pakistanis repatriated $3.60 billion in the first quarter of fiscal 2013. Pakistan’s reserves have been drained by debt repayments, including $394.3 million on November 21, 2012, on an International Monetary Fund loan.

Published in The Express Tribune, November 23^rd, 2012.