January 06, 2007	Saturday	Zilhaj 15, 1427

KARACHI, Jan 5: Pakistan's foreign exchange reserves rose by $145 million to $12.904 billion in the week ending on December 30, the central bank said on Friday. Reserves held by the State Bank of Pakistan jumped to $10.631 billion from $10.513 billion a week earlier, while those held by commercial banks rose to $2.273bn from $2.246 billion, the central bank said in a statement.

Pakistan's reserves have been increasing gradually over the past few years mainly because of higher remittances from expatriate Pakistanis, inflows from privatisation proceeds and rising foreign direct investment, though a high oil import bill has stalled the rise.

Reserves hit an all-time high of $13.111 billion in the week ending on July 1, 2006. —Reuters