Country's foreign exchange reserves have come down below the 10 billion dollar mark with a decline of 239 million dollars during the last week due to slow foreign inflows and huge payments. State bank of Pakistan (SBP) on Friday informed that country's foreign reserves have further plunged by 239.1 million dollars to 9.92 billion dollars during the week ended August 9, 2008, as against the 10.01591 billion dollars a week earlier.
Analysts said that increasing demand of dollar is pushing pressure on the foreign reserves also, which continuously witnessed a downward trend since last few weeks. They said that SBP has started a special move for the foreign inflows and instructed banks to ensure the repatriation of pending export proceeds within next fifteen days, which would help meet the local demand of dollar.
The major decline has been witnessed in the reserves held by SBP, which have already come down below the seven billion level. The reserves held by SBP declined by 323.8 million dollar to 6.6444 billion dollar during the last week, that previously stood at 6.9682 billion dollar on August 2, 2008.
However, reserves held by banks continuously increasing and gone up by 84.7 million dollar during the last week. After current surge banks' overall foreign reserves mounted to 3.2756 billion dollars as compared to some 3.1909 billion dollars a week earlier.
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