Dollar reserves further dip to $17b

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The country’s foreign exchange reserves have declined by a further 0.5 percent or $98.1 million in the week that ended on May 07, 2011. The last week had also seen a shrink in dollar reserves to $17.107 billion. According to the State Bank of Pakistan, total liquid foreign reserves stood at $17.008 billion in the week under review. Foreign exchange reserves, held by the central bank, stood at $13.589 billion against $13.701 billion in the last week.
Meanwhile, greenback possessed by commercial banks aggregated to $3.419 billion during the week in contrast with last week’s $3.405 billion. Pakistan’s dollar reserves are expected to hit a record high during the current financial year primarily because of a record inflow of dollars through exports and remittances.