| GEO Business | | Forex reserves fall to $16.56bn | Updated at: 2058 PST, Thursday, July 29, 2010
KARACHI: Pakistan's foreign exchange reserves fell to $16.56 billion in the week ending July 23, from $16.70 billion a week ago, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $12.77 billion from $12.86 billion a week earlier, while those held by commercial banks also fell to $3.79 billion from $3.84 billion, said Syed Wasimuddin, the SBP's chief spokesman.
Pakistan's forex reserves rose to a record high of $16.77 billion in the week ending July 2, thanks to foreign inflows worth $750 million received during the week.
The previous record high was $16.45 billion in October 2007.
In May, Pakistan received $1.13 billion, the fifth tranche of a $10.66 billion International Monetary Fund (IMF) loan. |  | | | |
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