Pakistan’s foreign exchange reserves fall to $ 16.34bn

Pakistan’s foreign exchange reserves fall to $ 16.34bn

Karachi: (Thursday, March 08, 2012) According to the State Bank of Pakistan, on the week ending on March 2, Pakistan’s foreign exchange reserves fell  from US $ 16.42 billion to $ 16.34 billion.

From earlier reserves of $ 12.06 billion, the foreign exchange held by State Bank of Pakistan has gone down to $ 11.90 billion, while those held by the commercial banks have witnessed slighter improvement as they have gone up from
$ 4.36 billion to $ 4.44 billion in one week’s time.

Briefing the journalists about the recent decline in the forex reserves, State Bank of Pakistan’s chief spokesman Syed Wasimuddin held debts repayments responsible for the phenomenon and said, “The decrease in SBP’s forex reserves
are due to scheduled debt repayments.”

According to the details, the country’s central bank paid $399 million to the International Monetary Fund (IMF) in the week ending on Feb 24. The payment was a part of the debt repayment agreement against $ 8 billion IMF loan incurred
by Islamabad.

Foreign exchange reserves hit a record $ 18.31 billion in July last year, but since then, they have been constantly falling due to the debt repayments.

Short URL: https://www.newspakistan.pk/?p=15119

Posted by Fayyaz Yaseen on Mar 8 2012. Filed under Business, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry