Foreign exchange reserves fall by $9 million

KARACHI: Pakistan’s foreign exchange reserves plunged by $9 million to below $15 billion, reported ARY News on Thursday.

According to the State Bank of Pakistan, the country’s net foreign exchange reserves fell to $14.44.

The central bank’s reserves dropped to $7.27 billion while the holdings of the commercial banks stood at $7.17 billion.

The reserves fell owing to the country’s external financing requirements, including debt-servicing and other payments.

Pakistan had on Saturday received the first tranche of US $500 million from Qatar. The first installment of $500 million was deposited to the central bank.

Emir of Qatar Sheikh Tamim bin Hamad Al Thani during his two-day visit of Pakistan last month had made a commitment to inject $3 billion into the country’s economy in the shape of investment and deposits.