Forex: Currency reserves fall to $8.865 billion
Were $9.077 billion in the previous week.
KARACHI:
Foreign exchange reserves decreased to $8.865 billion as of November 13, compared to $9.077 billion in the previous week, according to a statement by the State Bank of Pakistan (SBP) on Thursday. Reserves held by the SBP decreased to $3.645 billion from $3.845 billion a week earlier, while those held by commercial banks fell to $5.219 billion as compared to $5.232 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-October this fiscal year came to $1.318 billion compared to $1.241 billion in the same period a year ago.
Published in The Express Tribune, November 22nd, 2013.
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