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Forex reserves ease to $16.11bn | Pk Geo News

By Haris Afzal on Friday, August 27, 2010 with 0 comments

KARACHI: Pakistan's foreign exchange reserves fell to $16.11 billion in the week ending on Aug. 20, from $16.29 billion the previous week ago, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $12.35 billion from $12.46 billion a week earlier, while those held by commercial banks also fell to $3.76 billion from $3.83 billion, said Syed Wasimuddin, the SBP's chief spokesman.

"There were some debt payments as well last week," said Wasimuddin.

Pakistan's forex reserves rose to a record high of $16.77 billion in the week ending on July 2 thanks to foreign inflows worth $750 million received that week.

The previous record high was $16.45 billion in October 2007.

Category: Business News

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