FOREX: Currency reserves fall to $9.077 billion
Reserves held by the SBP decreased to $3.845 billion from $4.224 billion a week earlier.
KARACHI:
Foreign exchange reserves decreased to $9.077 billion as of November 8, compared to $9.509 billion in the previous week, according to a statement of the State Bank of Pakistan (SBP) on Monday. Reserves held by the SBP decreased to $3.845 billion from $4.224 billion a week earlier, while those held by commercial banks fell to $5.232 billion as compared to $5.285 billion a week earlier. Pakistan made its last payment of $164 million to the IMF on September 27, 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, November 19th, 2013.
Foreign exchange reserves decreased to $9.077 billion as of November 8, compared to $9.509 billion in the previous week, according to a statement of the State Bank of Pakistan (SBP) on Monday. Reserves held by the SBP decreased to $3.845 billion from $4.224 billion a week earlier, while those held by commercial banks fell to $5.232 billion as compared to $5.285 billion a week earlier. Pakistan made its last payment of $164 million to the IMF on September 27, 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, November 19th, 2013.