Reserves held by the State Bank of Pakistan (SBP) fell slightly to $5.142 billion from $5.170 billion a week earlier, while those held by commercial banks rose to $5.088 billion as compared to $5.053 billion a week earlier.
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.
Overseas Pakistanis sent home a record $13.920 billion in the previous fiscal year (July 2012-June 2013), showing a growth of 5.56% or $733.64 million compared with $13.187 billion a year earlier.
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, August 13th, 2013.
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