Pakistani forex reserves fall to $17.79 bln

September 15, 2011

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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.