Forex: Currency reserves fall to $11.007 billion

KARACHI: Foreign exchange reserves fell slightly to $11.007 billion in the week ending June 28 from $11.344 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $ 6.009 billion from $6.256 billion a week earlier, while those held by commercial banks fell to $4.997 billion from $5.088 billion. Pakistan made its last payment of $260 million in the Stand-By-Arrangement (SBA) to the IMF on June 28 2013. Meanwhile, exports and record remittances have supported Pakistan’s reserves.

Published in The Express Tribune, July 5^th, 2013.

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