ISLAMABAD, July 12: The foreign exchange reserves of the country dropped to $14.909 billion in the week ending July 6 from $15.236 billion in the previous week, the State Bank of Pakistan said on Thursday.

Reserves held by the State Bank of Pakistan fell to $10.496 billion from $10.802 billion, while those held by commercial banks dropped slightly to $4.413 billion from $4.434 billion.

Foreign exchange reserves hit a record $18.31 billion in July 2011, 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 the country’s forex reserves.

Remittances from Pakistanis abroad rose 17.73 per cent to $13.186 billion in the 2011/12 fiscal year, which ended June 30, compared with $11.2 billion the previous year.In June, remittances totalled $1.117bn. The reserves have been reduced by debt repayments in recent months.—Reuters