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Forex reserves drop to $15.54 billion
 
June 08, 2012
 
 
Forex reserves drop to $15.54 billion

ISLAMABAD - Pakistan's foreign exchange reserves fell to $15.54b in the week ending May 25 from $16.01b the previous week, the State Bank said on Thursday. Reserves held by the State Bank of Pakistan fell to $11.24b from $11.70b and those held by commercial banks rose to $4.29b from $4.31b. Foreign exchange reserves hit a record $18.31b  in July last year, boosted by a $191.9m loan from the World Bank and a $196.8m loan from the ADB.

Higher exports and record remittances have also supported Pakistan's reserves. Remittances from Pakistanis overseas rose 20.2 percent to $10.88 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.05 billion in the same period last year. In April, remittances totalled $1.141 billion. Pakistan's reserves have been drained by debt repayments of $2.53 billion in the current fiscal year

 
 
on epaper page 16
 
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