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Forex reserves declined to USD 13.5757 billion – Alfalah Securities Limited

Karachi, November 30, 2012 (PPI-OT): Pakistan’s foreign exchange reserves have dropped by USD 238.5 million to USD 13.5757 billion during the week ended November 23, 2012 from USD 13.8142 billion in the previous week, according to the State Bank of Pakistan.

According to Alfalah Securities Limited, Forex reserves held by the central bank decreased by USD 264.3 million to USD 8.8603 billion as compared to USD 9.1246 billion last week while the reserves held by commercial banks inched up by USD 25.8 million to USD 4.7154 billion as against USD 4.602 in the previous week. The drop in forex reserves is mainly attributed to payment of foreign obligations related to foreign debt and imports during the week.

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