Country’s liquid foreign exchange reserves contracted to $16.961 billion during the week that ended on the 18th of this month, the State Bank reported. This shows a decrease of 0.4 per cent or $70 million when compared with 11th November of the preceding week. Then, central bank had stated that the country held $17.031 billion. Before that (up to 4th November) the country’s dollar reserves had shrunk to $17.028 billion. The week under review saw State Bank possessing $13.202 billion, down $67 million from its previous week’s holdings of $13.269 billion. The previous week bank’s forieign exchnage reserves had stood at $13.280 billion. Commercial banks were no exception as they also had their reserves slightly downing, by $4 million, to $3,758.9 million compared to $3.762 billion of last week. SBP chief spokesman Syed Wasimmudin attributes such ups and downs in foreign exchange reserves to growth in banks’ deposits and withdrawals and routine debt repayments.
