Foreign currency: With heavy debt repayment, reserves fall to $3.1b

Discussion in 'Pakistan' started by AVERAGE INDIAN, Jan 7, 2014.

  1. AVERAGE INDIAN

    AVERAGE INDIAN EXORCIST Senior Member

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    Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased to $3.1 billion on December 20 as opposed to $3.4 billion a week earlier, showed data released by the SBP on Thursday.

    The decline of 7.9% in the foreign exchange reserves came as a result of payments amounting to $185 million, according to a spokesman for the central bank.

    Out of the payments of $185 million, external debt servicing was $162 million including $58 million repayment to the International Monetary Fund (IMF), and other official payments amounting to $23 million.

    [​IMG]

    There was no major inflow from multilateral and bilateral sources during the week, which caused the drop of $275 million in the period under review.

    However, the second tranche of the Extended Fund Facility of $554 million, which was cleared after the successful completion of the first review by the IMF, was received on December 23, and hence will be reported in the next week’s reserve position.

    Total liquid foreign reserves in Pakistan amounted to $8 billion on December 20, which was 5.1% less than the preceding week’s figure. Similarly, net foreign reserves held by banks other than the SBP stood at $4.8 billion, which was 3.1% less than the corresponding figure on December 13.

    Pakistan’s foreign exchange reserves have been under pressure because of continuously dwindling reserves held by the SBP. They amounted to a little over $6 billion at the end of June, which reflects a decline of almost 47% in roughly six months.

    The rupee has appreciated against the dollar in only two of the last 30 years (2002 and 2003) while average annual depreciation of the rupee over the same period has stood at 6.5%. However, the rupee has undergone a sharp 6% depreciation since July this year when it traded around Rs99.

    Most analysts believe the recently received IMF tranche of $554 million will stabilise the foreign reserves position, but only in the short term.

    Most brokerage houses expect the rupee-dollar parity to hover in the range of Rs108-112 mainly because of few major inflows in the second half of fiscal year 2013-14, despite recent statements by the finance minister claiming a reversal of trends which will see the rupee appreciate in value.

    Foreign currency: With heavy debt repayment, reserves fall to $3.1b – The Express Tribune
     
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  3. Ray

    Ray The Chairman Defence Professionals Moderator

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    Rather unfortunate.

    What are the plans to overcome this crisis?
     
  4. northernarunachalpradesh

    northernarunachalpradesh Regular Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    The will file for bankruptcy.
     
  5. AVERAGE INDIAN

    AVERAGE INDIAN EXORCIST Senior Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    they will beg as usual hehehe @Blackwater any comments :p
     
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  6. Blackwater

    Blackwater Veteran Member Veteran Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1


    [​IMG]:p:p:p
     
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  7. Blackwater

    Blackwater Veteran Member Veteran Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    just did in post 5
     
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  8. Blackwater

    Blackwater Veteran Member Veteran Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    but for how many times???:taunt1::taunt1:
     
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  9. Blackwater

    Blackwater Veteran Member Veteran Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1




    it is direct insult for saudis,UAE and Brunei,Malaysia who can not maintained the reserves of 50000000000000000000000yrs old civilization:laugh::laugh::laugh::laugh:
     
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  10. Blackwater

    Blackwater Veteran Member Veteran Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    papa has arrived to save paki ass


    [​IMG]



    saudi foreign minister and part of royal family has arrived in 5000000000000yrs old civilation
     
  11. bennedose

    bennedose Senior Member Senior Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    Begging, lying and eating grass are time tested features of "Original Pakistani technology"

    It has never failed.

    The first step is to moan that there is no money. The next step is to get a few bearded men to attack a Paksiatni nuclear establishment and claim that lack of money means that nukes will go to Taliban. The US will then promptly cough up the necessary funds.
     
  12. bennedose

    bennedose Senior Member Senior Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    :thumb:
    Good news! Aap ke mooh mein ghee-shakkar
     
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  13. bennedose

    bennedose Senior Member Senior Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    In case anyone is wondering where Pakhanastanis foreign exchange reserves are used, here is a news item from 2010
    BMW’s latest 5 Series model launched in Pakistan – The Express Tribune
    The super rich of Pakhanaland - 280 families out of 180,000,000 people keep German engineers employed with fat salary packets.
     
  14. northernarunachalpradesh

    northernarunachalpradesh Regular Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1


    Pakkibeggers will donate their girls to this wahabi terrorist to get some money.
     
  15. Blackwater

    Blackwater Veteran Member Veteran Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    So what do u think Saudi papa will spend night alone??
     
  16. northernarunachalpradesh

    northernarunachalpradesh Regular Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    My bad in pak there are comfort men also.:taunt1:
     
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  17. Blackwater

    Blackwater Veteran Member Veteran Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    pakis not able to buy gas or petrol.


    time has come to eat grass and keep alive 5000000000000000000yrs old paki tradition


     
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  18. bennedose

    bennedose Senior Member Senior Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    No need. You are unable to think like a Paki. Pakis know that women are for business only (to make kids), goats are for fun and boys for variety. So goats and boys will be offered. All Paki men have been used this way as children - which is what explains Paki behaviour
     
  19. Blackwater

    Blackwater Veteran Member Veteran Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    [​IMG]
     
  20. Blackwater

    Blackwater Veteran Member Veteran Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    delete.................
     
  21. ninja85

    ninja85 Regular Member

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    Re: Foreign currency: With heavy debt repayment, reserves fall to $3.1

    doesn't matters to the common man his debt's and taxes never ends despite how good or bad the economy is.
     

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