KARACHI, July 5: Pakistan’s' foreign exchange reserves have reached the historic level of over $15.6 billion in the last fiscal year (2006-07) that ended on June 30, 2007. State Bank of Pakistan stated here on Thursday that the achievement of this record level of foreign exchange reserves had been made possible by the healthy growth in external flows during FY07 including foreign direct investment, home remittances, portfolio investment, proceeds of the recent successful launch of Pakistan Euro Bonds and the Global Depository Receipts in the international financial markets.

Proactive management of the foreign exchange reserves by the State Bank has also contributed to the achievement of this landmark. This substantial growth in foreign inflows reflects the confidence of foreign investors in the economy of Pakistan.

According to break up, Pakistan’s foreign exchange reserves rose by $2,476.8 million or 18.85 per cent to a record level of $15,613.70 million in the last fiscal year (2006-07) compared with $13,136.90 million in the fiscal year 2005-06.

Foreign exchange reserves held by the State Bank of Pakistan increased by $2,568.2 million or 23.86 per cent to $13,328.40 million in the last fiscal year compared with $10,760.20 million in the fiscal year 2005-06. Reserves held by commercial banks were recorded at $2,285.3 million in FY07 as against $2,376.7 million in FY06.

The country’s foreign exchange reserves in the week ending June 30, 2007 were recorded at $15,613.70 million, up from $15,182.20 million as of June 23, 2007. During the week, reserves held by the State Bank increased by $573.80 million to $13,328.40 million, while those held by commercial banks decreased by $142.30 million to $2,285.3 million. —APP