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Forex reserves fall 3.3 pc to $10.79b

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan have further fallen 3.3 percent in one week to $10.79 billion from $11.16 billion on May 4.
According to data released by the State Bank of Pakistan on Thursday, the total liquid foreign reserves held by Pakistan have reached to US$17.067 billion on 11 May 2018.
Foreign currency reserves held by the State Bank of Pakistan remained at US$10.79 billion while net foreign reserves held by commercial banks stood at US$6.26 billion.
On May 4, foreign currency reserves held by the central bank were recorded at $11.16 billion.
The foreign currency reserves were down by 3.0 percent too last week.
Foreign currency reserves had surged few months back due to official inflows that included $106 million from the World Bank and $622 million from the Asian Development Bank (ADB).
In November 2017, the country had raised $2.5 billion by floating dollar-denominated bonds in the international market in a bid to increase official reserves.
Earlier, the SBP received $350 million under the Coalition Support Fund (CSF). In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.

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