Forex reserves ease to $16.07bln

Pakistan’s foreign exchange reserves eased to $16.07 billion in the week ending on Sept. 3, from $16.12 billion a week earlier, the State Bank of Pakistan (SBP) on Thursday.

Reserves held by the State Bank fell to $12.35 billion from $12.37 billion, while those held by commercial banks fell to $3.72 billion from $3.75 billion, the SBP said in a statement.

Pakistan’s forex reserves rose to a record high of $16.77 billion in the week ending on July 2 thanks to foreign inflows worth $750 million received that week.

The previous record high was $16.45 billion in October 2007.

In May, Pakistan received $1.13 billion, the fifth tranche of an $11 billion International Monetary Fund (IMF) loan.

The IMF said last week it would give Pakistan $450 million in emergency flood aid and disburse funds in September, but the status of the release of the sixth tranche of an $11 billion bailout loan is unclear. It has been delayed until at least November.