Forex: Reserves drop to $13.4 billion
Reserves held by the State Bank of Pakistan (SBP) fell to $8.458 billion from $8.587 billion a week earlier.
KARACHI:
Foreign exchange reserves dropped to $13.396 billion in the week ending February 8 from $13.474 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $8.458 billion from $8.587 billion a week earlier, while those held by commercial banks increased to $4.937 billion from $4.887 billion. Pakistan repaid $145 million to the International Monetary Fund on Monday this week. Meanwhile, exports and record remittances have supported Pakistan’s reserves. Overseas Pakistani workers have so far remitted $8.21 billion in the ongoing fiscal year.
Published in The Express Tribune, February 15th, 2013.
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Foreign exchange reserves dropped to $13.396 billion in the week ending February 8 from $13.474 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $8.458 billion from $8.587 billion a week earlier, while those held by commercial banks increased to $4.937 billion from $4.887 billion. Pakistan repaid $145 million to the International Monetary Fund on Monday this week. Meanwhile, exports and record remittances have supported Pakistan’s reserves. Overseas Pakistani workers have so far remitted $8.21 billion in the ongoing fiscal year.
Published in The Express Tribune, February 15th, 2013.
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