Forex reserves fall to $14.23 billion

KARACHI (Reuters) - Pakistans foreign exchange reserves fell to $14.23 billion in the week that ended on Oct. 31 from $14.43 billion the previous week, the State Bank of Pakistan said on Thursday.
Reserves held by the State Bank of Pakistan were $10.64 billion, down from $10.86 billion a week earlier, while those held by commercial banks rose marginally to $3.59 billion from $3.57 billion the previous week, the central bank said in a statement. 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 more than $5 billion.
Pakistan officials are meeting IMF officials in Dubai to Nov. 12 for a third review of Pakistans economic performance.