Pakistan forex reserves fall to $15.417bn

Pakistan’s foreign exchange reserves fell to $15.417bn in the week ending June 8 from $15.536bn in the previous week, the central bank said yesterday. Reserves held by the State Bank of Pakistan fell to $11.117bn from $11.243bn, while those held by commercial banks rose slightly to $4.3bn from $4.293bn. Foreign exchange reserves hit a record $18.31bn in July last year, boosted by a $191.9mn loan from the World Bank. Higher exports and record remittances have also supported Pakistan’s reserves. Remittances from Pakistanis abroad rose 19.54% to $12.07bn in the first 11 months of the 2011/12 fiscal year, compared with $10.1bn in the same period last year.from gulf times.