Forex reserves fall to $16.96bn

[Devil Soul]

Forex reserves fall to $16.96bn

Updated 1 hour ago
KARACHI: Country's foreign exchange reserves fell to $16.96 billion in the week ending Nov 18, compared with $17.03 billion in the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $13.20 billion, compared with $13.27 billion the previous week.

Reserves held by commercial banks were flat at $3.76 billion, from the previous week.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30, but have since eased due to debt repayments.

The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a loan of $196.8 million from the Asian Development Bank.

Higher export proceeds, and a record inflow of remittances, have also helped support Pakistan's foreign exchange reserves.

According to official data, remittances rose 23.24 percent to $4.3 billion in the first four months of the 2010/11 fiscal year (July-June), compared with $3.50 billion in the same period last year.

Remittances rose to $1.02 billion in October, compared with $855.11 million received in October last year. (Reuters)

 

[regular]

Oh so where all these reserves are going to???...
to IMF loan interests payback.......

 

[xataxsata]

Nothing surprising, it will take decade to build strong economy from here.

 

[SBD-3]

Forex reserves fall to $16.96bn

Updated 1 hour ago
KARACHI: Country's foreign exchange reserves fell to $16.96 billion in the week ending Nov 18, compared with $17.03 billion in the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $13.20 billion, compared with $13.27 billion the previous week.

Reserves held by commercial banks were flat at $3.76 billion, from the previous week.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30, but have since eased due to debt repayments.

The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a loan of $196.8 million from the Asian Development Bank.

Higher export proceeds, and a record inflow of remittances, have also helped support Pakistan's foreign exchange reserves.

According to official data, remittances rose 23.24 percent to $4.3 billion in the first four months of the 2010/11 fiscal year (July-June), compared with $3.50 billion in the same period last year.

Remittances rose to $1.02 billion in October, compared with $855.11 million received in October last year. (Reuters)

There will be a drag on reserves as the IMF payments come in. But the external account will relatively remain comfortable as the oil prices remain stable....our external deficit is heavily dependent upon oil prices.

 

[nForce]

external debt of Pakistan stands at about $ 60bn dollars,nearly 4 times of the current forex reserve

 

[Imran Khan]

its ok yaar hum bheg to rahy hain every month 1bn$