KARACHI: Pakistan’s foreign exchange reserves fell to $14.43 billion in the week that ended on Oct 24 compared with $14.48 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan were $10.86 billion, compared with $10.91 billion a week earlier, while those held by commercial banks were the same at $3.57 billion, said central bank spokesman Syed Wasimuddin.
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.
An International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed in November helped avert a balance of payments crisis and shore up reserves.
The IMF, which increased the loan to $11.3 billion in July, has disbursed over $5 billion.
Pakistani officials are due to meet IMF officials in Dubai from Nov 2 to Nov 12 for a third review of Pakistan’s economic performance.—Reuters
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