Karachi: Pakistan’s foreign exchange reserves sipped to $17.31 billion in the week ending on April 9, from $17.64 billion the previous week, State Bank of Pakistan (SBP) Said.
SBP Spokesman Syed Wasimuddin said that reserves held by the SBP fell to $13.93 billion from $14.26 billion a week ago, while those held by commercial banks remained unchanged at $3.38 billion.
He cited the scheduled debt repayments during the week as reason for the decline.
Pakistan’s forex reserves have grown steadily thanks to higher export proceeds as well as record inflow of remittances.
Remittances by overseas Pakistanis increased by 22.37 percent to over $8 billion in the first nine months of the 2010/11 fiscal year, and in March a record $1.05 billion was received, according to data from the State Bank of Pakistan.
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