Pakistan's foreign exchange reserves dip by $297 million

The foreign exchange reserves of the country declined by $297 million last week, mainly owing to rising oil import bill in the wake of soaring oil prices in the world market. According to State Bank of Pakistan (SBP), country's overall foreign exchange reserves declined from $14.142 billion to $13.844 billion during the week ended March 15, 2008.
The major fall was witnessed in the foreign reserves held by the SBP, declined by about $306 million to $11.723 billion, previously stood at $12.029 billion a week ago.