Forex: Reserves drop to $13.1 billion

KARACHI: Foreign exchange reserves dropped to $13.058 billion in the week ending February 15 from $13.395 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $8.141 billion from $8.458 billion a week earlier, while those held by commercial banks dropped to $4.917 billion from $4.937 billion. Pakistan repaid $145 million to the International Monetary Fund in February and the next repayment is due on February 26. Heavy debt repayments to the IMF have been putting a dent in the central bank’s reserves, which have declined by nearly 20% in the current fiscal year. 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 22^nd, 2013.

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