Pakistan’s Foreign Exchange Reserves fall to US $ 15.417 billion

Pakistan’s Foreign Exchange Reserves fall to US $ 15.417 billion

Islamabad: (Saturday, June 16, 2012) Pakistan’s foreign exchange reserves have come down to $ 15.417 billion in the week ending June 8. The previous week’s forex reserves stood at $ 15.536 billion, disclosed the central bank today.

Out of these total forex reserves, those held by State Bank of Pakistan fell from US $ 11.243 to $ 11.117 billion, while those held by commercial banks roles to $ 4.3 billion from $ 4.293 billion.

Foreign exchange reserves hit a record $ 18.31 billion in July last year, boosted by a $ 191.9 million loan from the World Bank and a $ 196.8 million loan from the Asian Development Bank.

Higher exports and record remittances have also supported Pakistan’s reserves.

Remittances from Pakistanis abroad rose 19.54 percent to $12.07 billion in the first 11 months of the 2011/12 fiscal year, compared with $10.1 billion in the same period last year.

In May, remittances totalled $1.192 billion.

Pakistan’s reserves have been drained by debt repayments of $2.53 billion in the current fiscal year.

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Posted by Fayyaz Yaseen on Jun 17 2012. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry