KARACHI – Liquid foreign exchange reserves, held by Pakistan, have exhibited a slight rise and reached $17.28 billion compared to $17.09 billion during the week ending on January 15. According to the State Bank, the country’s foreign exchange reserves stood at $17,281.6 million on January 15. During the week under review, reserves of the State Bank also increased and stood at $13.657 billion, compared to $ 13.437 billion last week. A downward trend of foreign exchange reserves held by commercial banks continued. Banks, other than SBP, held over $3.624 billion against $3.653 billion in the previous week.
The SBP chief spokesman attributed the dip in foreign exchange reserves to routine loan repayments and withdrawals by customers of commercial banks. The US funding to Pakistan, Washington’s non-Nato ally in its global war against terror, had taken the country’s foreign exchange reserves up to an all time high of over $17.197 billion during the week ended on January 1.
