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Forex reserves down at $16.88bn

KARACHI: Pakistan’s foreign exchange reserves fell to $16.88 billion in the week ending Oct 22, down from a record $17.10 billion the previous week, the central bank said Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $13.09 billion from $13.26 billion, while those held by commercial banks also fell to $3.79 billion from $3.84 billion, said Syed Wasimuddin, chief spokesman of the SBP.
“These were regular debt payments,” said Wasimuddin.
Pakistan’s reserves hit a record high in the week ending Oct 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit.
They were further boosted last month after the IMF sent Pakistan $450 million and said that the money would go toward the budget to help with additional spending for flood relief and immediate foreign exchange needs. This was separate from the $11 billion IMF bailout programme, agreed in 2008.


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