Forex: Currency reserves fall to $11.34 billion
Reserves held by the State Bank of Pakistan (SBP) fell to $6.239 billion from $6.286 billion a week earlier.
KARACHI:
Foreign exchange reserves fell to $11.340 billion in the week ending June 14 from $11.446 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $6.239 billion from $6.286 billion a week earlier, while those held by commercial banks fell to $5.101 billion from $5.159 billion. Pakistan, on March 28, successfully paid its 11th instalment worth $143.75 million of Standby-Arrangement (SBA) to the IMF. Another repayment of $391 million was made at the end of May. Meanwhile, exports and record remittances have supported Pakistan’s reserves. Remittances from Pakistanis abroad rose to $12.762 billion in the ongoing fiscal year, a growth of 5.74% or $693.34 million Monthly average of remittances for July-May this fiscal year came to $1.160 billion compared to $1.097 billion in the same period a year ago.
Published in The Express Tribune, June 21st, 2013.
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