Justin Joseph
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Reserves fall to $15.87bn
KARACHI: Pakistans foreign exchange reserves fell to $15.87 billion in the week ending May 28, down from $16.01 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $12.14 billion from $12.31 billion a week earlier, while those held by commercial banks rose to $3.73 billion from $3.70 billion, said the State Bank of Pakistan.
Reserves got a boost last week after the country received $288 million from the US as part of the coalition support fund.
Last month Pakistan received $1.13 billion as the fifth tranche of a $10.66 billion IMF loan.
The IMF loan package was agreed in November 2008 to help avert a balance of payments crisis and shore up reserves. Pakistan's foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November 2008, largely because of a soaring import bill.Reuters
http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/the-newspaper/business/reserves-fall-to-$15.87bn-160
KARACHI: Pakistans foreign exchange reserves fell to $15.87 billion in the week ending May 28, down from $16.01 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $12.14 billion from $12.31 billion a week earlier, while those held by commercial banks rose to $3.73 billion from $3.70 billion, said the State Bank of Pakistan.
Reserves got a boost last week after the country received $288 million from the US as part of the coalition support fund.
Last month Pakistan received $1.13 billion as the fifth tranche of a $10.66 billion IMF loan.
The IMF loan package was agreed in November 2008 to help avert a balance of payments crisis and shore up reserves. Pakistan's foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November 2008, largely because of a soaring import bill.Reuters
http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/the-newspaper/business/reserves-fall-to-$15.87bn-160
