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Pakistan's forex reserves flat at $15.05 bln
 
 
  
 
 Reuters - Friday, April 23
 
 
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KARACHI, April 22 - Pakistan's foreign exchange reserves were flat at $15.05 billion in the week ending on April 17, unchanged from the previous week, the central bank said on Thursday.
 
Reserves held by the State Bank of Pakistan fell to $11.11 billion from $11.16 billion a week earlier, while those held by commercial banks rose to $3.94 billion from $3.89 billion, said the SBP's chief spokesman, Syed Wasimuddin.
 
Pakistan's foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November 2008, largely because of a soaring import bill.
 
An International Monetary Fund emergency loan package of $7.6 billion agreed to in November 2008 helped avert a balance of payments crisis and shore up reserves.
 
The IMF increased the loan to $11.3 billion in July and the central bank received a fourth tranche of $1.2 billion on Dec. 28.
 
The IMF board is scheduled to meet on May 3 to discuss the approval of a fifth tranche of a $1.2 billion loan for the cash-strapped U.S. ally, which is battling an Islamist insurgency in its northwest. (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan)
 
 
 
 
   
 
 
 
 
 
 
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