KARACHI, July 31: Pakistan’s foreign reserves fell $241 million to $10.487 billion in the week that ended on July 26 due to outgoings for import payments, the central bank said on Thursday.

According to official data, the State Bank of Pakistan said its reserves fell $330 million to $7.448 billion, while those held by commercial banks rose by $89 million to $3.039 billion from $2.95 billion.

Total reserves are now down to the equivalent of less than three months of imports, raising the prospect of a balance of payments crisis unless large multilateral loans arrive soon.

The government says it has obtained Saudi Arabia’s agreement to defer oil import payments for 2008-09 and an announcement would be made soon by Riyadh.

Pakistan’s foreign exchange reserves hit an all-time high of $16.486 billion on Oct. 31, 2007.—Reuters