Forex reserves slip to $13.54 billion

KARACHI: Foreign exchange reserves eased to $13.54 billion in the week that ended on Dec 12 from $13.57 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan slipped to $9.88 billion from $9.93 billion a week earlier, while those held by commercial banks edged up to $3.66 billion from $3.64 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.—Reuters