Reserves were boosted in June last year 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. - File photo

KARACHI: Foreign exchange reserves of the country rose to $16.77 billion in the week ending on Feb 10, compared with $16.69 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $12.29 billion from $12.32 billion a week earlier, while those held by commercial banks rose to $4.48 billion, compared with $4.36 billion the previous week.

Foreign exchange reserves hit a record $18.31 billion in July last year, but have since eased due to debt repayments. Islamabad has to start repaying an $8 billion International Monetary Fund loan in early 2012.

Reserves were boosted in June last year 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 export proceeds and a record inflow of remittances have also helped support Pakistan’s foreign exchange reserves.

According to official data, remittances rose 21.54 per cent to $7.43 billion in the first seven months of the fiscal year (July-June), compared with $6.12 billion in the same period a year earlier. —Reuters