Pak forex reserves decreases by $173.8m

According to the State Bank of Pakistan (SBP), reserves held by the central bank declined to $13.46 billion from $13.64 billion, while those held by commercial banks were flat at $3.71 billion, according to the State Bank of Pakistan.Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to debt repayments. The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a loan of $196.8 million from the Asian Development Bank.Higher export proceeds and a record inflow of remittances have helped Pakistans forex reserves grow steadily.According to the SBP spokesperson, the fall in reserves is due to scheduled debt repayments.