Karachi: Pakistan foreign exchange reserves dipped to $17.16 billion in the week ending June 4, from $17.34 billion the previous week.
An official of State Bank of Pakistan ( SBP) said on Thursday that foreign reserves held by the SBP fell to $13.72 billion from $13.91 billion a week ago, while those held by commercial banks rose to $3.44 billion from $3.43 billion.
SBP Spokesman Syed Wasimuddin said that the fall in reserves was mainly due to scheduled debt repayments.
Forex reserves have grown steadily thanks to higher export proceeds, as well as record inflow of remittances, hitting an all-time high of $17.95 billion during the week that ended on March 26. Reserves have since eased slightly on debt repayments.
Remittances from overseas Pakistanis increased by 23.81 percent to over $9 billion in the first 10 months of the 2010/11 fiscal year, with $1.03 billion coming in April alone, according to the SBP.
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