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PPI Original Text (PPI-OT) – Fix Reserves sheds USD 306 mn – Alfalah Securities Limited

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by June 1, 2012 Brokerage

Karachi, June 01, 2012 (PPI-OT): Pakistan’s liquid foreign exchange reserves have dropped by 1.87%WoW or USD 306 mn to USD 16.005 bn in the week ending May 25, 2012 from USD 16.311 bn in the previous week, owing to debt repayments of USD 394 mn to the IMF on May 24, 2012 and other external lenders.

According to Alfalah Securities Limited, reserves held by the State Bank of Pakistan (SBP) dipped by almost 2%WoW or USD 238 mn to USD 11.698 bn from USD 11.936 bn, and reserves of commercial banks declined by 1.55%WoW or USD 68 mn to USD 4.307 bn from USD 4.375 bn in the previous week. A drop in Fix reserves pose significant threats to the country’s economy on the external front and are likely to drop further in the upcoming time owing to increased debt repayments and high import bill hence, exerting additional pressure on Pak Rupee versus Dollar parity.

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