Pakistan’s forex

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Pakistan’s forex reserves plunge $10mln over the week

Thursday, 11 Jun, 2009 | 05:33 PM PST |
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Reserves posted a hefty decline over the past week — AFP/File photo.
Business
Inflation falls below thirty year high

ISLAMABAD: Pakistan’s foreign exchange reserves fell by $10 million to $11.51 billion in the week that ended on June 6, the central bank said on Thursday.



The State Bank of Pakistan’s reserves edged up to $8.20 billion from $8.18 billion a week earlier, while reserves held by commercial banks fell to $3.31 billion from the previous week at $3.34 billion, the State Bank of Pakistan said.



Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill.



Pakistan agreed in November to an International Monetary Fund emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves. — Reuters
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