Pak forex reserves dip by 0.57 per cent

The foreign exchange reserves held by the State Bank of Pakistan decreased by 0.57 per cent on a weekly basis while total forex reserves held by Pakistan stood at USD 14,944.7 million, down from 15,098.5 million last week.
According to data released by the central bank SBP's liquid foreign exchange reserves decreased by USD 60 million to USD 10,305 million compared to USD 10,365 million in the preceding week on December 26.
The data showed that between December 19 and 26, the SBP made payments of USD 197 million on account of external debt servicing and other official payments, of which USD 139 million was paid to the International Monetary Fund (IMF) under the Stand-by Agreement.

The data showed that overall Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at USD 14,944.7 million while net foreign reserves held by banks amounted to USD 4,639.8 million.
Overall Pakistan's foreign exchange reserves witnessed a rapid rise 2014 as SBP-held foreign exchange reserves increased three times in 2014.
The rapid rise in foreign exchange reserves led to an appreciation of 4 per cent in the rupee's value against the dollar on a period-end basis after a gap of 11 years, according to Topline Securities.
Improved foreign exchange reserves in 2015 will likely stabilise the rupee-dollar parity, which is expected to hover around Rs 100-102.

"Along with other major inflows, a 30 per cent reduction in oil prices could result in annual savings of USD 4 billion, which is likely to support external account of the country significantly," it said.