Forex reserves slip to $8.89 billion
ISLAMABAD: Pakistan’s foreign reserves fell to $8.89 billion as of September 3, down from $9.13 billion on August 30, the Finance Ministry said, as the rupee remained under pressure having lost almost 20 percent against the dollar this year. The central bank’s reserves fell to $5.5 billion from $5.76 billion, while those held by commercial banks rose slightly to $3.38 billion from $3.37 billion, the ministry’s finance division said in a note to media received by Reuters on Friday. Pakistan’s foreign reserves hit a record high of $16.5 billion in October last year but have since been depleted by high payments for oil imports, and foreign investors withdrawing money because of the country’s political uncertainty. reuters
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| Saturday, February 28, 2004
