Forex: Reserves drop to $13.58 billion
Higher exports and record remittances have also supported Pakistan’s reserves.
KARACHI:
Foreign exchange reserves dropped to $13.58 billion in the week ending November 23 from $13.81 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $8.86 billion from $9.12 billion a week earlier, while those held by commercial banks rose to $4.72 billion from $4.69 billion. Foreign exchange reserves hit a record $18.31 billion in July 2012. Higher exports and record remittances have also supported Pakistan’s reserves. Remittances from Pakistanis abroad rose 9.16% to $3.6 billion in the first quarter, July to September, of the 2012-13 fiscal year, compared with $3.297 billion in the same period last year. Pakistan’s reserves have been drained by debt repayments on a $7 billion International Monetary Fund loan.
Published in The Express Tribune, November 30th, 2012.
Foreign exchange reserves dropped to $13.58 billion in the week ending November 23 from $13.81 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $8.86 billion from $9.12 billion a week earlier, while those held by commercial banks rose to $4.72 billion from $4.69 billion. Foreign exchange reserves hit a record $18.31 billion in July 2012. Higher exports and record remittances have also supported Pakistan’s reserves. Remittances from Pakistanis abroad rose 9.16% to $3.6 billion in the first quarter, July to September, of the 2012-13 fiscal year, compared with $3.297 billion in the same period last year. Pakistan’s reserves have been drained by debt repayments on a $7 billion International Monetary Fund loan.
Published in The Express Tribune, November 30th, 2012.