Forex reserves fall to $17.492 bln

KARACHI: Pakistan’s foreign exchange reserves declined to $17.494 billion during the week ended May 22, 2015 in the wake of debt repayment made to the International Monetary Fund (IMF) under the standby arrangement loan facility, the central bank reported on Thursday.
Forex reserves stood at $17.749 billion in the previous week. Foreign currency holdings of the State Bank of Pakistan declined by $228 million to $12.284 billion as compared to $12.512 billion a week ago.During the week, the SBP made payment of $136 million to the IMF as the last installment under the standby arrangement facility.
Net foreign exchange reserves held by commercial banks amounted to $5.209 billion as against $5.237 billion during the preceding week.