KARACHI: Foreign exchange reserves fell to $11.446 billion in the week ending May 31, from $11.457 billion in the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $6.286 billion from $6.395 billion a week earlier, while those held by commercial banks rose to $5.159 billion from $5.061 billion. Pakistan, on March 28, successfully paid its 11th instalment worth $143.75 million of Standby Arrangement (SBA) to the IMF.
Meanwhile, exports and record remittances have supported Pakistan’s reserves. Remittances from Pakistanis abroad rose 6.37% to $11.57 billion in the first ten months, July to April, of the 2012-13 fiscal year, from $10.876 billion in the same period last year.
Published in The Express Tribune, June 14th, 2013.
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