Pakistan's foreign reserves have grown steadily on the back of record remittances and export proceeds. - File photo

KARACHI: Pakistan's foreign exchange reserves fell to $17.79 billion in the week ending  Sept. 10, from $18.06 billion in the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $14.34 billion from $14.60 billion, while those held by commercial banks also fell slightly to $3.45 billion from $3.46 billion, according to the State Bank of Pakistan.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to scheduled debt repayments.  The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and another loan of $196.8 million from the Asian Development Bank.

Higher export proceeds and a record inflow of remittances have helped Pakistan's forex reserves grow steadily.

According to official data, remittances rose 40.45 percent to $1.31 billion in August, compared with $933.06 million in the same period last year.

Opinion

Editorial

Pawn sacrifice
Updated 19 Aug, 2022

Pawn sacrifice

Concerns over torture allegedly perpetrated against Gill are valid and must be looked into forthwith.
Frozen conflict
19 Aug, 2022

Frozen conflict

THE recent discovery of the body of an Indian soldier lost in an ice storm on the Siachen glacier 38 years ago yet...
Deadly rains
19 Aug, 2022

Deadly rains

THERE seems to be no end to our monsoon misery. Deadly rains continue to lash several parts of the country,...
The fall guy
Updated 18 Aug, 2022

The fall guy

Maryam’s public distancing from Miftah over recent fuel price hike is quite uncalled for.
Never-ending scourge
18 Aug, 2022

Never-ending scourge

POLIO eradication efforts in the country appear to have suddenly taken a giant leap backwards. A day after...
Frozen Afghan funds
18 Aug, 2022

Frozen Afghan funds

WITH Afghanistan facing a humanitarian catastrophe and economic collapse, the American decision to not release ...