Updated on
Summary
Pakistan's foreign exchange reserves eased to $14.81 billion in the week ending on March 20 from $14.85 billion the previous week, the central bank said Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $10.90 billion from $10.98 billion a week earlier, while those held by commercial banks rose to $3.91 billion from $3.87 billion the previous week, said SBP's chief spokesman Syed Wasimuddin. Pakistan's foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November 2008, largely because of a soaring import bill. An International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed to in November 2008 helped avert a balance of payments crisis and shore up reserves. The IMF increased the loan to $11.3 billion in July and the central bank received a fourth tranche of $1.2 billion on Dec. 28. The IMF is due to meet on March 31 to approve the fifth tranche.
