Pakistan’s forex reserves ease to $13.72 bln

KARACHI: Pakistan’s foreign exchange reserves fell to $13.72 billion in the week that ended on November 28 from $13.90 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan were $10.14 billion, down from $10.27 billion a week earlier, while those held by commercial banks also fell to $3.58 billion from $3.63 billion the previous week, the central bank said in a statement.

Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill.

An International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed in November helped avert a balance of payments crisis and shore up reserves.

The IMF, which increased the loan to $11.3 billion in July, has disbursed more than $5 billion. — Reuters