Pakistan's forex reserves falls to $9.9 billion
KARACHI, Aug 15 (Reuters) - Pakistan's foreign reserves fell to $9.92 billion in the week that ended on Aug. 9, down 2.4 percent from $10.16 billion in the previous week, the central bank said on Friday.
Pakistan's central bank, the State Bank of Pakistan, said its reserves fell to $6.64 billion from $6.97 previously, while those held by commercial banks rose to $3.28 billion from $3.19 billion.
Pakistan's foreign reserves hit a record high of $16.5 billion in October last year but have since been depleted by high payments for oil imports, and foreign investors withdrawing money because of the country's political uncertainty.
Coalition government officials said on Friday Pakistan's President Pervez Musharraf is ready to resign rather than face impeachment but is seeking immunity from prosecution and agreement on a safe place to live. [ID:nSP267974]
Investors' fears that Pakistan's falling reserves will make it difficult for the country to pay for its imports has dragged on the Pakistan rupee PKR=PK, which hit another record low against the U.S. dollar on Friday. [ID:nISL309974] (Reporting by Koh Gui Qing; Editing by Robert Birsel)
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