| GEO Business | | Forex reserves decline to $13.72 billion | Updated at: 0927 PST, Friday, December 04, 2009
 KARACHI: Pakistan’s foreign exchange reserves declined to $13.72 billion during last week, as compared to $13.90 billion the previous week, the State Bank of Pakistan said in a statement.
Reserves held by the SBP stood at $10.135 billion, as compared to $10.27 billion a week earlier. While reserves held by banks other than SBP stand at $3.584 billion, as compared to $3.63 billion last week.
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 the 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.
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