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Pakistan’s forex reserves fall to $14.43bn

KARACHI: Pakistan’s foreign exchange reserves fell to $14.43 billion in the week that ended on October 24 compared with $14.48 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan were $10.86 billion, compared with $10.91 billion a week earlier, while those held by commercial banks were the same at $3.57 billion, said central bank spokesman Syed Wasimuddin.

Foreign reserves hit a record high of $16.5 billion in October 2007, but fell steadily to $6.6 billion by November last year largely because of a soaring import bill.

An International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed in November helped avert a balance of payments crisis and shore up reserves. The IMF, which increased the loan to $11.3 billion in July, has disbursed over $5 billion.

Pakistan officials are due to meet IMF officials in Dubai from November 2 to November 12 for a third review of Pakistan’s economic performance. reuters



PIA losses see considerable decline



KARACHI: The losses of Pakistan International Airlines (PIA) considerably decreased during the first nine months of current calendar year when it posted Rs 10.771 billion net loss against Rs 38.436 billion in the same months of last year.

Although revenue side did not depict a strong growth during the months under review, it was considerable cut in the air fuel as well as reduced operational losses that helped the national flag carrier to dent the burgeoning losses. Aircraft fuel expenses dropped to Rs 20.552 billion during January-September of 2009 against Rs 33.615 billion in the corresponding months of previous year. Operational losses also declined to Rs 4.237 billion during the said period from Rs 32.594 billion in the same months of previous year. staff report

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