Forex: Currency reserves fall to $11.446 billion
Remittances from Pakistanis abroad rose 6.37% to $11.57 billion in the first ten months.
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.
Like Business on Facebook to stay informed and join in the conversation.
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.
Like Business on Facebook to stay informed and join in the conversation.