Federal Reserves eases to USD 17.9bn – Alfalah Securities Limited
Karachi: The Foreign exchange reserves have eased to USD 17.9 bn as of August 27th, 2011 against USD 17.96 bn on August 20th 2011, depicting a decrease of 0.33% on WoW basis. Reserves held by the State Bank of Pakistan (SBP) fell to USD 14.45 bn from USD 14.5 bn against the previous week, while those held by commercial banks stood at USD 3.45 bn from USD 3.46 bn in the corresponding period.
According to Alfalah Securities Limited, foreign exchange reserves touched a record level of USD 18.31 bn in the week ended on July 30 2011, owing to high inflows from remittances and loan from the World Bank and Asian Development Bank. However, the Forex reserves have eased since then owing to scheduled debt repayments.