Updated at: 1719 PST, Thursday, November 25, 2010
 KARACHI: Pakistan's foreign exchange reserves fell to $16.85 billion in the week ending Nov 19, down from $16.91 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) eased to $13.11 billion from $13.13 billion in the week ending Nov. 12, while those held by commercial banks fell to $3.74 billion from $3.78 billion, said SBP chief spokesman Syed Wasimuddin.
Pakistan's reserves hit a record high of $17.10 billion in the week ending Oct 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit.
They were further boosted in September 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.
In May, Pakistan received $1.13 billion, the fifth tranche of the programme. The IMF is due to present Pakistan's case to its board in December for the possible approval of the sixth tranche. |
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