Forex: Reserves drop to $13.6b from $13.8b
Reserves held by the State Bank of Pakistan (SBP) fell to $8.769 billion from $9.009 billion a week earlier.
KARACHI:
Foreign exchange reserves dropped to $13.558 billion in the week ending January 4 from $13.808 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $8.769 billion from $9.009 billion a week earlier, while those held by commercial banks dropped to $4.789 billion from $4.799. Foreign exchange reserves hit a record $18.31 billion in July 2011. Higher exports and record remittances have supported Pakistan’s reserves. Remittances from Pakistanis abroad rose 14.16% to $5.982 billion in the first five months, July to November, of the 2012-13 fiscal year, from $5.240 billion in the same period last year. Pakistan’s reserves have been drained by debt repayments, including $109.4 million on October 1, 2012, on a $7 billion International Monetary Fund loan. The next repayment is due in February 2013.
Published in The Express Tribune, January 11th, 2013.
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Foreign exchange reserves dropped to $13.558 billion in the week ending January 4 from $13.808 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $8.769 billion from $9.009 billion a week earlier, while those held by commercial banks dropped to $4.789 billion from $4.799. Foreign exchange reserves hit a record $18.31 billion in July 2011. Higher exports and record remittances have supported Pakistan’s reserves. Remittances from Pakistanis abroad rose 14.16% to $5.982 billion in the first five months, July to November, of the 2012-13 fiscal year, from $5.240 billion in the same period last year. Pakistan’s reserves have been drained by debt repayments, including $109.4 million on October 1, 2012, on a $7 billion International Monetary Fund loan. The next repayment is due in February 2013.
Published in The Express Tribune, January 11th, 2013.
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