Higher exports and record remittances have supported Pakistan’s reserves.—File Photo

ISLAMABAD: Pakistan’s foreign exchange reserves rose to $16.311 billion in the week ending May 18, from 16.103 in the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) climbed to $11.936 billion from $11.784 billion the week before, and those held by commercial banks rose to $4.375 billion from $4.319 billion.

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.

Remittances from Pakistanis overseas rose 20.23 per cent to $10.877 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.046 billion in the same period last year.

In April, remittances totalled $1.141 billion.

Pakistan’s reserves have been drained by debt repayments of $2.53 billion in the current fiscal year.

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