Trader counting Pakistani rupees.—File Photo
Trader counting Pakistani rupees.—File Photo

ISLAMABAD: Pakistan's foreign exchange reserves dropped to $14.909 billion in the week ending July 6 from $15.236 billion in the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan fell to $10.496 billion from $10.802 billion, while those held by commercial banks dropped slightly to $4.413 billion from $4.434 billion.

Foreign exchange reserves hit a record $18.31 billion in July 2011, boosted by a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank.

Higher exports and record remittances have also supported Pakistan's reserves.

Remittances from Pakistanis abroad rose 17.73 per cent to $13.186 billion in the 2011/12 fiscal year, which ended June 30, compared with $11.2 billion the previous year.

In June, remittances totalled $1.117 billion.

Pakistan's reserves have been reduced by debt repayments in recent months, including on an $8 billion loan from the International Monetary Fund (IMF). The next repayment to the IMF is due in August.

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