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Forex: Currency reserves fall to $12.202 billion

Reserves held by the State Bank of Pakistan (SBP) fell to $7.128 billion from $$7.277 billion a week earlie.

Ppi April 05, 2013 Less than a minute read

KARACHI: Foreign exchange reserves dropped to $12.202 billion in the week ending March 29 from $12.370 billion in the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $7.128 billion from $$7.277 billion a week earlier, while those held by commercial banks fell to $5.074billion from $5.092billion.

Pakistan, on March 28, successfully paid its 11th installment worth $143.75million of Stand-By-Arrangement (SBA) to the IMF. The next IMF repayment of $391 million is due at the end of May.

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 as against $1.157 billion in the same month of the last fiscal year (February 2012).

Published in The Express Tribune, April 5^th, 2013.

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