KARACHI, Feb 26: Pakistan's liquid foreign exchange reserves shot up by $488 million to $12.493 billion in the week ending on February 21 after the country raised $500 million from the international market through eurobonds.

Foreign exchange data released by the State Bank showed that the reserves held by SBP went up to $10.843 on February 21 from $10.340 billion on February 14. But the reserves held by the banking system declined marginally to around $1.650 billion from $1.665 billion during this period.

Chief spokesman for the central bank Syed Wasimuddin told Dawn that the SBP reserves shot up during the week ending on February 21 as it received the proceeds of the $500 million eurobonds launched earlier this month.

"The SBP received the proceeds of the eurobonds last week," he said. Pakistan launched the bonds on February 12 but its trading started on February 19. The foreign exchange raised through the eurobonds would help Pakistan strengthen its balance of payments surplus.