Forex reserves dip to $17.09b | Pakistan Today

Forex reserves dip to $17.09b

KARACHI – The country’s total liquid foreign reserves have slightly shrunk to $17.09 billion, after hitting a record high of $17.19 billion last week.
Coalition Support Funding (CSF) to Pakistan, Washington’s major non-Nato ally in the war against terror, had taken the country’s foreign exchange reserves up to an all time high of over $17.197 billion during the week that ended on January 1.
According to the state bank, the country’s foreign exchange reserves stood at $17.09 billion in the week ending on January 8. During the week under review, the reserves of the state bank also slid to $13.437 billion against $13.527 billion, registering a decline of $90 million or 0.66 percent when compared to last week. A sustained downward trend in foreign reserves held by commercial banks resulted in a decline to $3.653 billion compared to the previous week’s figure of $3.669 billion. The SBP chief spokesman attributes the dip in foreign exchange reserves to routine loan repayments and withdrawals by customers in commercial banks.

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