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Friday, March 6, 2009

The State Bank of Pakistan's reserves

The State Bank of Pakistan's reserves were $6.73 billion from $6.91 billion a week earlier, while reserves held by commercial banks were $3.43 billion from $3.46 billion, the bank said.

Pakistan fully repaid a maturing $500 million euro bond, plus $17 million interest, on Feb. 18. The payment is reflected in this week's data.

Pakistan's foreign reserves hit a record high of $16.5 billion in October 2007 but fell to $6.6 billion in November, largely because of a soaring import bill.

Pakistan signed a $7.6 billion loan agreement with the International Monetary Fund in November to stave off a balance of payments crisis. It received its first tranche of $3.1 billion that month.

The next tranche is expected by the end of March

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