Forex: Currency reserves fall to $11.938 billion
Reserves held by the State Bank of Pakistan (SBP) fell to $6.817 billion from $7.277 billion a week earlier.
KARACHI:
Foreign exchange reserves dropped to $ 11.938 billion in the week ending April 19 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 $6.817 billion from $7.277 billion a week earlier, while those held by commercial banks increased to $5.121 billion from $5.092 billion. 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. 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.
Published in The Express Tribune, April 26th, 2013.
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Foreign exchange reserves dropped to $ 11.938 billion in the week ending April 19 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 $6.817 billion from $7.277 billion a week earlier, while those held by commercial banks increased to $5.121 billion from $5.092 billion. 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. 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.
Published in The Express Tribune, April 26th, 2013.
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