KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) have fallen below $9 billion after three months while the private banks succeeded in maintaining their foreign reserves.
In its report, the SBP announced that its reserves dropped to $8.902 billion during the week ended on August 15, 2014.
Its reserves touched 10-year low at $3.18 billion in January 2014, but the massive government borrowing from international lenders and issuance of Eurobonds had helped it rebuild the reserves to $9.277 billion in July 2014.
Debt repayment to the International Monetary Fund (IMF) with no fresh dollar inflows during the past three months caused the decline in the reserves.
The country’s overall reserves also fell to $13.9 billion during the week under review against $14.2 billion last week.
However, the reserves held by scheduled banks were $5.023 billion against $5.076 billion the previous week.
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