Forex: Currency reserves fall to $9.923 billion

KARACHI: Foreign exchange reserves decreased to $9.923 billion as of September 27, compared to $10.211 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) decreased to $4.602 billion from $4.928 billion a week earlier, while those held by commercial banks increased to $5.321 billion as compared to $5.282 billion a week earlier. Pakistan made its last payment of $260 million in the Stand-By-Arrangement to the IMF on June 28, 2013. Meanwhile, exports and record remittances have supported Pakistan’s reserves.

Published in The Express Tribune, October 4^th, 2013.

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