Karachi, November 16, 2012 (PPI-OT): Pakistan’s foreign exchange reserves have dropped by USD 255 million to USD 13.845 billion during the week ended November 09, 2012 from USD 14.10 billion in the previous week, according to the State Bank of Pakistan.
According to Alfalah Securities Limited, Forex reserves held by the central bank decreased by USD 305 million to USD 9.242 billion as compared to USD 9.547 billion last week while the reserves held by commercial banks inched up by USD 49 million to USD 4.602 billion as against USD 4.553 in the previous week. The drop in forex reserves is mainly attributed to payment of foreign obligations related to foreign debt and imports during the week.
Alfalah Securities Limited may sees further pressure on Forex reserves due to heavy repayments of foreign obligations pertaining to IMF Loan scheduled to be repaid in November. Repayment of IMF loan worth of ~USD 148 million on Nov 09, ~USD 27 million on Nov 12 and ~USD 13 million on Nov 16 while a heavy repayment of ~USD 400 million is due to be paid on Nov 26, 2012.