Forex: Currency reserves fall to $9.128 billion
Reserves held by the State Bank of Pakistan (SBP) decreased to $3.953 billion from $4.602 billion a week earlier
KARACHI:
Foreign exchange reserves decreased to $9.128 billion as of October 4, compared to $9.923 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) decreased to $3.953 billion from $4.602 billion a week earlier, while those held by commercial banks decreased to $5.174 billion as compared to $5.321 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. 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, October 11th, 2013.
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