Forex Reserves fall to US$ 14.9 billion – Alfalah Securities Limited

Karachi, July 13, 2012 (PPI-OT): The foreign exchange reserves of the country have dropped to USD 14.909 billion as on July 6 as compared to USD 15.236 billion in the previous week.

According to Alfalah Securities Limited, reserves held by State Bank of Pakistan fell to USD 10.496 billion from USD 10.802 billion, and reserves held by commercial banks slid slightly to USD 4.413 billion from USD 4.434 billion. The forex reserves witnessed a pressure of funding the import bill and repayment of foreign loans amid widened current account deficit. However, the likely receipt of an amount of USD 800 million by the end of July under Coalition Support Fund (CSF) to be extended by US as relations normalize would provide a much needed cushion on the external balance of payment situation.