Foreign debt payment: Pakistan's foreign reserves decline by $255 million

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The foreign debt payment has pushed the country's liquid foreign exchange reserves below $14 billion during the last week. According to the State Bank of Pakistan (SBP), the country's liquid foreign exchange reserves posted a decline of $255 million during the last week.

The reserves declined to $13.845 billion as on November 9, 2012 from $14.10 billion as November 2, 2012.

Market source said that during the last week, the State Bank has made a payment of $173 billion to International Monetary Fund (IMF). This payment includes $146.9 million of the Stand-by-Arrangement and remaining amount was paid on account of extended credit facility availed by Pakistan from IMF.

Complete decline has witnessed in the reserves held by the central bank, as these decreased by $304.8 million to $9.242 billion from $9.547 billion a week earlier. However, a slight increase has registered in the reserves of banks and with a raise of $49.8 million, reserve held by banks surged to $4.602 billion end of last week.

Courtesy: Business Recorder

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