Pakistan forex reserves fall to $15.0465 billion

ISLAMABAD: Pakistan's foreign exchange reserves fell to $15.0465 billion in the week ending June 15from $15.417 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan fell to $10.6807billion from $11.117 billion, while those held by commercial banks rose slightly to $4.3658 billion from $4.3 billion.

Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank.

Higher exports and record remittances have also supported Pakistan’s reserves.

Remittances from Pakistanis abroad rose 19.54 percent to$12.07 billion in the first 11 months of the 2011/12 fiscal year, compared with $10.1 billion in the same period last year.

In May, remittances totalled $1.192 billion.

Debt repayments of $2.53 billion in the current fiscal year have drained Pakistan’s reserves considerably. (Reuters)