ISLAMABAD: Pakistan’s foreign exchange reserves rose to $16.0058 billion in the week ending May 25, from 16.311 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $11.6986 billion from $11.936 billion and those held by commercial banks rose to $4.3072 billion from $4.375 billion.

Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by 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.