Foreign reserves fall below $13bn level
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.