Pakistan's Foreign Reserves hit bottom of the barrel [$16.39bn] with foreign Aid component of $25bn !
Updated at: 1957 PST, Thursday, December 23, 2010
KARACHI: Pakistan's foreign exchange reserves fell to $16.39 billion in the week ending Dec. 18, down from $16.41 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $12.63 billion from $12.69 billion in the week ending Dec. 18, while those held by commercial banks rose to $3.76 billion from $3.72 billion, said Syed Wasimuddin, chief spokesman of the central bank.
Pakistan's reserves hit a record high of $17.10 billion in the week ending Oct. 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit.
Earlier the reserves got a boost in September after the IMF sent Pakistan $450 million and said that the money would go toward the budget to help with additional spending for flood relief and immediate foreign exchange needs.
This was separate from the $11 billion IMF bailout programme, agreed in 2008.
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