Forex reserves further improve

Karachi: Pakistan’s Liquid foreign exchange reserves have inched up by USD 64 million (up by 0.39%WoW) to USD 16.505 billion by the week ended on March 30, 2012 from USD 16.441 billion in the previous week.

According to Alfalah Securities Limited, reserves held by the Central bank increased by USD 70 million to USD 11.837 billion from USD 11.767 billion in the earlier week while, reserves held by commercial banks registered a slight decline of USD 6 million to USD 4.668 billion against USD 4.674 bn. Alfalah Securities Limited expects the forex reserves would shed in the upcoming time due to repayment of USD 400 million instalment to the IMF in May 2012 and also due to further widening of the trade deficit.

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