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Pakistan’s forex reserves drop 3.3 per cent

—File Photo

KARACHI: Pakistan’s foreign exchange reserves fell to $14.406 billion in the week ending Oct 5, from $14.90 billion in the previous week, the central bank said on Friday.

Pakistan’s reserves have been reduced by debt repayments in recent months, including a $109 million repayment to the  International Monetary Fund (IMF).

Remittances from Pakistanis abroad rose 9.16 per cent to $3.6 billion in the first quarter, July to September of the 2012/13 fiscal year, compared with $3.297 billion in the same period last year.

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