Forex reserves lower to $14.46bn

Foreign exchange reserves eased to $14.46 billion in the week that ended on Oct. 10 compared with $14.75 billion the previous week, the State Bank of Pakistan (SBP) said on Thursday. Reserves held by the SBP fell to $10.89 billion from $11.17 billion a week earlier, while those held by commercial banks were at $3.57 billion compared with $3.58 billion a week earlier, the SBP said in a statement. 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.