KARACHI:
Foreign exchange reserves remained steady at $10.374 billion as of September 13, compared to $10.373 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) decreased to $5.118 billion from $5.162 billion a week earlier, while those held by commercial banks increased to $5.256 billion as compared to $5.210 billion a week earlier. Pakistan made its last payment of $260 million in the Stand-By-Arrangement to the IMF on June 28, 2013. Meanwhile, exports and record remittances have supported Pakistan’s reserves. Monthly average of remittances for July-May this fiscal year came to $1.160 billion compared to $1.097 billion in the same period a year ago.
Published in The Express Tribune, September 20th, 2013.
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