| GEO Business|
| Foreign reserves decline by $89.2 million|
| Updated at: 1756 PST, Thursday, September 25, 2008|
KARACHI: The foreign exchange reserves of the country declined by $89.2 million to remain at $8.82 billion.
According to State Bank of Pakistan (SBP), the foreign exchange reserves of the country reached the level of $8.82 billion in the week that ended on September 20.
A break up of the foreign reserves shows that the SBP holds $5.40 billion while $3.41billion are with the commercial banks.
According to Governor SBP Shamshad Akhter, the foreign exchange reserves would not be allowed to drop below two months import bills. For this purpose, SBP has purchased dollars on large scale.