Business Pakistan Forex reserves ease to $16.33 billion
Pakistan's foreign exchange reserves eased by $88 million to $16.336 billion by the week ended on March 2 against $16.424 billion a week ago, the State Bank of Pakistan (SBP) said on Thursday. Reserves held by the central bank fell to $11.897 billion during the week under review against $12.062 billion by the week ended on February 24, 2012.
The reserves held by commercial banks also declined to $4.438 billion from the preceding week's level of $4.362 billion.
The foreign exchange reserves hit a record high of $18.313 billion by the week ended on July 30, 2011. However, it depleted gradually to the current level due to scheduled debt repayments.
The reserves fell more rapidly during the last two weeks, owing to $400 million repayment as first installment of the International Monetary Fund (IMF) standby arrangement on February 24 against the total of $8 billion.
Pakistan's foreign exchange reserves eased by $88 million to $16.336 billion by the week ended on March 2 against $16.424 billion a week ago, the State Bank of Pakistan (SBP) said on Thursday. Reserves held by the central bank fell to $11.897 billion during the week under review against $12.062 billion by the week ended on February 24, 2012.
The reserves held by commercial banks also declined to $4.438 billion from the preceding week's level of $4.362 billion.
The foreign exchange reserves hit a record high of $18.313 billion by the week ended on July 30, 2011. However, it depleted gradually to the current level due to scheduled debt repayments.
The reserves fell more rapidly during the last two weeks, owing to $400 million repayment as first installment of the International Monetary Fund (IMF) standby arrangement on February 24 against the total of $8 billion.
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