Forex reserves ease to $16.07b
Foreign exchange reserves eased to $16.07 billion in the week ended on September 3.
KARACHI:
Foreign exchange reserves eased to $16.07 billion in the week ended on September 3, from $16.12 billion a week earlier, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $12.35 billion from $12.37 billion, while those held by commercial banks fell to $3.72 billion from $3.75 billion, the SBP said in a statement.
Forex reserves rose to a record high of $16.77 billion in the week ended on July 2 thanks to foreign inflows worth $750 million received that week. The previous record high was $16.45 billion in October 2007.
In May, Pakistan received $1.13 billion, the fifth tranche of an $11.3 billion International Monetary Fund (IMF) loan.
The IMF said last week it would give Pakistan $450 million in emergency flood aid and disburse funds in September, but the status of the release of the sixth tranche of the bailout loan is unclear. It has been delayed until at least November.
In the currency market, the rupee ended slightly weaker at 85.65/71 to the dollar, compared with Wednesday’s close of 85.60/70 and dealers expect pressure to remain amid higher import payments.
The rupee hit a record low of 86.03 on Tuesday and has lost 0.40 per cent this year, after losing 6.17 per cent in 2009.
In the money market, overnight rates ended between 11 and 11.5 per cent, compared with Wednesday’s close of between 12-12.15 per cent, after the State Bank injected Rs10.05 billion.
Published in The Express Tribune, September 10th, 2010.
Foreign exchange reserves eased to $16.07 billion in the week ended on September 3, from $16.12 billion a week earlier, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $12.35 billion from $12.37 billion, while those held by commercial banks fell to $3.72 billion from $3.75 billion, the SBP said in a statement.
Forex reserves rose to a record high of $16.77 billion in the week ended on July 2 thanks to foreign inflows worth $750 million received that week. The previous record high was $16.45 billion in October 2007.
In May, Pakistan received $1.13 billion, the fifth tranche of an $11.3 billion International Monetary Fund (IMF) loan.
The IMF said last week it would give Pakistan $450 million in emergency flood aid and disburse funds in September, but the status of the release of the sixth tranche of the bailout loan is unclear. It has been delayed until at least November.
In the currency market, the rupee ended slightly weaker at 85.65/71 to the dollar, compared with Wednesday’s close of 85.60/70 and dealers expect pressure to remain amid higher import payments.
The rupee hit a record low of 86.03 on Tuesday and has lost 0.40 per cent this year, after losing 6.17 per cent in 2009.
In the money market, overnight rates ended between 11 and 11.5 per cent, compared with Wednesday’s close of between 12-12.15 per cent, after the State Bank injected Rs10.05 billion.
Published in The Express Tribune, September 10th, 2010.