KARACHI - Pakistan’s foreign exchange reserves rose to $16.44 billion in the week ended March 23, from $16.39 billion in the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) rose to $11.77 billion from $11.67 billion a week earlier, while those held by commercial banks fell to $4.67 billion, compared with $4.72 billion the previous week.
“The rise in the State Bank’s reserves is due to some inflows from multilateral agencies,” said Syed Wasimuddin, chief spokesman of the central bank.
Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by inflows of $411 million, including a $191.9 million loan from the World Bank, and a $196.8 million loan from the Asian Development Bank. Higher exports and record remittances have also supported Pakistan’s reserves.
According to official data, remittances from overseas Pakistanis rose 23 percent to $8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion a year earlier. In February, overseas Pakistanis sent back $1.16 billion.
Reserves have since been drained by debt repayments, including $399 million in the week ending Feb. 24 due on an $8 billion International Monetary Fund loan.