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.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
1723104747-0/PIA123-(1)1723104747-0-270x192.webp "38 pia aircraft hit by birds in six months")
Only just more than 8 billion dollar, it is much less than our reserve.If you watch carefully every parameter of our country surpass pakistan in all fronts.
Musharraf wanted to safe the country from defaulting, PML has nobody to blame for this absolutely nobody! PPP and PML have destroyed the country and the future of 200 million Muslims
Rupee is supposed to lose another 15 to 20 % value because of this depreciation untill then its not a good idea to remit money.
Nothing to be alarmed, as IMF says borrow more to get out of debt.