Forex reserves decline by $41.6 million

The country's liquid foreign exchange reserves further declined by $41.6 million during the last week. The State Bank of Pakistan Thursday reported that the country's total forex reserves declined to $10.502 billion as on July 12, 2013. The reserves stood at $10.543 billion a week earlier. Reserves held by SBP and banks posted a declining trend, however major decline was witnessed in SBP's reserves. Reserves held by SBP dropped by $25.4 million to $5.521 billion.
Similarly, reserves held by banks narrowed by $16.2 million to $4.98 billion as on July 12, 2013 compared to $4.997 billion as on July 5, 2013.