KARACHI: Foreign exchange reserves of the country rose to 12-month high after inflow of $2 billion through the sale of Eurobond, the State Bank of Pakistan (SBP) reported on Thursday.

The reserves on April 18, 2014 were $11.753bn, more than $11.474bn noted in May 2013.

The reserves of the State Bank of Pakistan rose to $7.010bn, which was higher than the reserves held by the bank in April 2013 when they were $6.693bn.

During the last 12 months, the country faced fast erosion of dollars particularly from the reserves of the central bank which fell from $6.693bn in April 2013 to $3.048bn in November 2013.

However, the private banks’ holdings remained strong as they were $5.118bn in April 2013, the lowest level being $4.709bn in March 2014. It again improved to $4.743bn on April 18 this year.