KARACHI, March 6: Pakistan’s foreign exchange reserves fell by $74 million to $14.063 billion in the week that ended on March 1, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to$11.924 billion from $11.963 billion a week earlier, while those held by commercial banks dipped to $2.139 billion from $2.174 billion.

SBP spokesman Syed Wasimuddin said reserves eased because of higher payments for oil and commodity imports, and debt payments.

Pakistan’s foreign exchange reserves hit an all-time high of $16.486 billion on Oct 31, 2007, but then fell sharply, mainly because of outflows from the stock market, after President Musharraf imposed emergency.—Reuters