Reserves held by the State Bank of Pakistan (SBP) fell to $7.277 billion from $7.451 billion a week earlier. PHOTO: FILE
Foreign exchange reserves dropped to $12.370 billion in the week ending March 22 from $12.436 billion in the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $7.277 billion from $7.451 billion a week earlier, while those held by commercial banks increased to $5.092 billion from $4.986 billion.
Heavy debt repayments to the IMF have been putting a dent in the central bank’s reserves.
Meanwhile, exports and record remittances have supported Pakistan’s reserves. Remittances from Pakistanis abroad rose 7.47% to $9.23 billion in the first eight months, July to February, of the 2012-13 fiscal year, from $8.59 billion in the same period last year. An amount of $1.028 billion was remitted by overseas Pakistanis in February 2013.
Published in The Express Tribune, March 29th, 2013.
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. Pakistan's Foreighn Exchange Reserves in reality are US$ 7.3774 Billion with the State Bank of Pakisan.. This amount includes about US$ 2.0000 kept as a Deposit with State Bank of Pakistan by Brother Muslim Countries and is not available for use by Pakistan. Thus State Bank of Pakistan has about US$ 5.3774 in its coffers available for use by Pakistan. . The US$ 5.0926 is held by Commercial Banks in Pakistan which has been deposited by Pakistani Residents-Companies and is not available to the Pakistan Government in any form. . I trust people will remember Prime Minister Nawaz Sharrif "grabbing" the Foreign Exchange held by the Pakistani Residents - Companies and give the Foreign Exchange Holders the equivalent in Pakistan Rupees. . Cheers