Pakistan’s forex reserves ease to $17.31 bln | Pakistan Today

Pakistan’s forex reserves ease to $17.31 bln

KARACHI – Pakistan’s foreign exchange reserves eased to $17.31 billion in the week ending on April 9, from $17.64 billion the previous week, a senior central bank official said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $13.93 billion from $14.26 billion a week ago, while those held by commercial banks were flat at $3.38 billion, unchanged from the previous week, said SBP chief spokesman Syed Wasimuddin.
“The decline in reserves during the week is due to scheduled debt repayments,” said Wasimuddin.
Pakistan’s forex reserves have grown steadily thanks to higher export proceeds as well as record inflow of remittances.
Remittances by overseas Pakistanis increased by 22.37 percent to over $8 billion in the first nine months of the 2010/11 fiscal year, and in March a record $1.05 billion was received, according to data from the State Bank of Pakistan.
Foreign exchange reserves were boosted in January by more than $633 million when the United States provided funds military and logistical support for a campaign against a Taliban insurgency.
In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme.
An IMF mission was in Pakistan last month to conduct a review of the country’s economy.



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