For­eign re­serves fall be­low $13bn level

The Pak Banker - - COMPANIES/BOSS -

Staff Re­porter

Pak­istan’s over­all liq­uid for­eign ex­change re­serves fell to $12.805 bil­lion in a week from $13.185 bil­lion last week, State Bank of Pak­istan (SBP) re­ported on Thurs­day.

In a state­ment, the cen­tral bank said that re­serves held by the State Bank stood at $7.861 bil­lion. The re­serves held by com­mer­cial banks stood at $4.944 bil­lion in the week end­ing March 1, 2013 com­pared with $4.958 bil­lion a week ear­lier.

The for­eign re­serves held by com­mer­cial banks also re­duced to $4.917 bil­lion as com­pared to $4.937 bil­lion last week. Pak­istan paid ninth in­stall­ment of the loan worth $145.50 mil­lion to the In­ter­na­tional Mon­e­tary Fund (IMF) un­der the standby ar­range­ment pro­gramme on Fe­bru­ary 11.

The next re­pay­ment of SDR 258.425 mil­lion ($400 mil­lion) to the IMF is due on Fe­bru­ary 26. Ac­cord­ing to the State Bank, the cap­i­tal and fi­nan­cial ac­count of the coun­try ex­pe­ri­enced net out­flows due to dwin­dling pri­vate fi­nan­cial in­flows and lower-thanan­tic­i­pated of­fi­cial in­flows.

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