Debt repayment pressure; Pakistan Forex reserves fall to US $ 15.0465bn

Debt repayment pressure; Pakistan Forex reserves fall to US $ 15.0465bn

Islamabad: (Thursday, June 21, 2012) Amid being under pressure due to the debt repayment, Pakistan’s foreign exchange reserves have fallen to $ 15.0465 billion in the week ending on June 15. The previously held reserves were $
15.417 billion, said the State Bank of Pakistan today.

The decline in total foreign reserves is mainly caused by declined in SBP held reserves which fell from $ 11.117 billion to $ 10.6807 billion. Meanwhile, the reserves held by commercial banks slightly rose to $ 4.3658 billion from
$ 4.3 billion.

Forex reserves hit a record $18.31 billion in July last year, however, this boost was mainly caused by a $ 191.9 million loan from the World Bank and a loan of $ 196.8 million from the Asian Development Bank.

Pakistan’s foreign exchange reserves were also supported by higher exports and the record increase in the remittances.

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

In May alone, remittances totalled $ 1.192 billion.

Pakistan’s foreign exchange reserves have been mainly drained by a debt repayment of $ 2.53 billion.

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Posted by Fayyaz Yaseen on Jun 21 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