Forex reserves fall marginally

by ĽĭÓń ĤéĂѓŦ Fri Oct 07, 2011 5:36 pm

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KARACHI: Country's foreign exchange reserves fell marginally to $17.35 billion in the week ending Oct. 1 from $17.38 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) declined to $13.64 billion from $13.74 billion, while those held by commercial banks rose to $3.71 billion from $3.64 billion,
according to the State Bank of Pakistan.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to debt repayments.

The reserves were boosted in June by inflows of $411million, including a $191.9 million loan from the World Bank, and a loan of $196.8 million from the Asian Development Bank.

Higher export proceeds and a record inflow of remittances have helped Pakistan's forex reserves grow steadily.

According to official data, remittances were $1.31 billion in August, 40 percent more than the $933.06 million received in August last year. (Reuters)