Pakistan’s forex reserves fall to $12.370 billion.

[Necromancer]

Pakistan’s forex reserves fall to $12.370 billion.
Reuters | 6 hours ago 0


An amount of $1,028 billion was remitted by overseas Pakistanis in February, compared with $ 1,156 billion in the same month a year earlier.—File Photo

KARACHI: Pakistan’s foreign exchange reserves dropped to $12.370 billion in the week ending March 22 from $12.436 billion in the previous week, the central bank said.

Remittances from Pakistanis abroad rose 7.47 per cent to $9.23 billion in the first eight months of the 2012/13 fiscal year, from $8.59 billion in the same period last year. The fiscal year runs from July to June.

An amount of $1,028 billion was remitted by overseas Pakistanis in February, compared with $ 1,156 billion in the same month a year earlier.

Source: Dawn.Com

 

[A.Rafay]

Looks like the politicians took some amount of money from forex reserves before they went!

 

[neehar]

Pakistan’s forex reserves fall to $12.370 billion.
Reuters | 6 hours ago 0


An amount of $1,028 billion was remitted by overseas Pakistanis in February, compared with $ 1,156 billion in the same month a year earlier.—File Photo

KARACHI: Pakistan’s foreign exchange reserves dropped to $12.370 billion in the week ending March 22 from $12.436 billion in the previous week, the central bank said.

Remittances from Pakistanis abroad rose 7.47 per cent to $9.23 billion in the first eight months of the 2012/13 fiscal year, from $8.59 billion in the same period last year. The fiscal year runs from July to June.

An amount of $1,028 billion was remitted by overseas Pakistanis in February, compared with $ 1,156 billion in the same month a year earlier.

Source: Dawn.Com

u must be kidding?? trillion dollar remittances in a month????????india got the highest remittances of $70 billion that too for the whole fiscal year

 

[Star Wars]

KARACHI: The repayments of $785 million to International Monetary Fund (IMF) over the next two months may have serious implications for the country.

The next elected government that is expected to take charge by mid of May, will find the foreign exchange reserves at dangerously low level.

The State Bank said on Wednesday that it would pay $143.7m on Thursday as repayment to IMF under the standby agreement.

The standby agreement was signed by the previous government five years back and since then the country showed strength on external front.

The reserves of the country started increasing during the five years and reached a peak of $18.294 billion in July 2011.

However, the poor economic growth, low export growth, sharp decline in foreign investments and repatriation of foreign investments squeezed the reserves.

The State Bank said the next installment to IMF would be paid on 1st April that would be SDR71m (approximately $107m at the current rate). Another payment is due on May 10 that will be of SDR95m (or $143.7m). The largest payment within next two months will be SDR258.42m (approximately $390m) on May 24.

The total outflow would be equal to $785m that would further squeeze the reserves, particularly the forex holdings of the State Bank, which stood at $7.45 billion on March 21, 2013.

The outflow would put the next government in serious problem in its initial days. This would be an emergency-like situation to avoid default on external front that requires immediate help from the IMF.

Initiating a dialogue with the IMF for securing fresh credit line would be a big problem for the next government.

The problem could be acute if the rising current account deficit continued to take a shape like it was in the previous fiscal. The previous fiscal year witnessed a current account deficit of $4.6bn.

The current account deficit in the first eight months of this fiscal stood at $700m, which is much smaller compared with $3.235bn in the same period last year.

The caretaker government would not initiate dialogue for loans from IMF or any other donors as it is out of their ambit and the IMF would not hold negotiations with the interim setup.

Analysts and currency experts said the expected fall in the foreign exchange reserves would weaken the rupee. The local currency lost about 58 per cent against the US dollar during the last five years.


$785m debt payment amid falling reserves | Pakistan | DAWN.COM

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Thought this one would be related .........

 

[darkhero]

No big deal, 12 billion is enough to buy anything. And in case of need, we are more than happy to give our brother a helping hand.

 

[W.11]

u must be kidding?? trillion dollar remittances in a month????????india got the highest remittances of $70 billion that too for the whole fiscal year

yaar it must be 1.0 something

 

[Cherokee]

u must be kidding?? trillion dollar remittances in a month????????india got the highest remittances of $70 billion that too for the whole fiscal year

Dude PKR not USD.

 

[Rusty]

Looks like the Pee Pee Pee government and their lacky the PMLN are seeing the signs of their end in Pakistan so making a run at the reserves.

 

[ashok321]

No big deal, 12 billion is enough to buy anything. And in case of need, we are more than happy to give our brother a helping hand.

Do you know how much yr country contributed/commited to Pakistani kitty in a meeting of DFOP?

 

[Sinnerman108]

The actual figure as quoted by Dr Maliha Lodhi is about 7 billion USD.

These politicians have sucked and trasfered each and every dollar they could steal and transferred it to swiss banks !

 

[Anony]

Pakistan’s forex reserves fall to $12.370 billion.
Reuters | 6 hours ago 0


An amount of $1,028 billion was remitted by overseas Pakistanis in February, compared with $ 1,156 billion in the same month a year earlier.—File Photo

KARACHI: Pakistan’s foreign exchange reserves dropped to $12.370 billion in the week ending March 22 from $12.436 billion in the previous week, the central bank said.

Remittances from Pakistanis abroad rose 7.47 per cent to $9.23 billion in the first eight months of the 2012/13 fiscal year, from $8.59 billion in the same period last year. The fiscal year runs from July to June.

An amount of $1,028 billion was remitted by overseas Pakistanis in February, compared with $ 1,156 billion in the same month a year earlier.

Source: Dawn.Com

And trollers from their nation call India a poor state.

Even Bangladesh has close to $14 billion forex reserve.

u must be kidding?? trillion dollar remittances in a month????????india got the highest remittances of $70 billion that too for the whole fiscal year

That is actually $1156 million.

 

[MST]

No big deal, 12 billion is enough to buy anything. And in case of need, we are more than happy to give our brother a helping hand.

Nice Joke buddy

 

[neehar]

Dude PKR not USD.

i thought $ belongs to dollar..its pkr now??

yaar it must be 1.0 something

yeah i just mentioned round figure what i meant to say is the figures mentioned are wrong or its in million.if a trillion is the remittances in a month then ur country becomes richest with in about a year

 

[neehar]

No big deal, 12 billion is enough to buy anything. And in case of need, we are more than happy to give our brother a helping hand.

forget about helping hand..do u know trade between pakistan and china???if u were so concerned about them they would not be in this situation now..ur trade is about $12 billion out of which u import about $3 billion from pakistan and export about $9 billion to pakistan..trade with ur country is an important reason why their reserves are low u take 3 times more reserves from them then u give them...hahaha and talking about helping hand..so much for pak-china friendship

Nice Joke buddy

they are the main reason for paks situation now..and hes talking about helping hand..funny

 

[Cherokee]

i thought $ belongs to dollar..its pkr now??

Shoddy piece of journalism . Either the symbol is wrong or the numbers .