KARACHI: Pakistan's foreign exchange reserves fell to $17.17 billion in the week ending Oct. 8 from $17.35 billion the previous week, the State Bank of Pakistan said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) declined to $13.46 billion from $13.64 billion, while those held by commercial banks were flat at $3.71 billion, according to the State Bank of Pakistan.
"The fall in reserves is due to scheduled debt repayments," said Syed Wasimuddin, chief spokesman for the SBP.
Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to debt repayments.
The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a loan of $196.8 million from the Asian Development Bank.
Higher export proceeds and a record inflow of remittances have helped Pakistan's forex reserves grow steadily.
According to official data, remittances rose 25 percent to $3.3 billion in the first three months of 2010/11 fiscal year (July-June), compared with $2.65 billion in the same period last year.
However remittances fell to $890 million in September, compared with $922 million received in September last year.
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