Friday, November 12, 2010

Foreign reserves decline to $16.947bn

KARACHI: The country’s foreign reserves have declined to $16.947 billion on the week ending on November 05, 2010, as compared to $16.956 billion last week, the latest numbers released by State Bank of Pakistan showed Thursday.

The overall reserves witnessed a decline of 9 million during the week. The central bank held the major share of $13.177 billion whereas commercial banks have deposits worth 3.770 billion. Analysts predicted that the reserves positions are likely to volatile in the upcoming days on the constant inflows and outflows of the foreign exchange. However, the constant government borrowing from central banks and high goods imports value may overshadow the impact of high reserves and landing remittances on the economy. staff report

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