Forex: Currency reserves fall to $11.764 billion
Reserves held by the State Bank of Pakistan (SBP) fell to $6.676 billion from $6.817 billion a week earlier.
KARACHI:
Foreign exchange reserves dropped to $ 11.764 billion in the week ending April 26 from $11.938 billion in the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $6.676 billion from $6.817 billion a week earlier, while those held by commercial banks increased to $5.087 billion from $5.121 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, May 3rd, 2013.
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Foreign exchange reserves dropped to $ 11.764 billion in the week ending April 26 from $11.938 billion in the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $6.676 billion from $6.817 billion a week earlier, while those held by commercial banks increased to $5.087 billion from $5.121 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, May 3rd, 2013.
Like Business on Facebook to stay informed and join in the conversation.