KARACHI: Pakistan's foreign exchange reserves fell to $16.68 billion in the week ending Dec. 2, compared with $16.88 billion in the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $12.86 billion, compared with $13.12 billion the previous week.

Reserves held by commercial banks rose to $3.82 billion, compared with $3.76 billion from the previous week.

“The fall in reserves is due to scheduled debt repayments,” said Syed Wasimuddin, chief spokesman for the central bank.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30, but have since eased due to debt repayments.

The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a loan of $196.8 million 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 23.24 percent to $4.3 billion in the first four months of the 2010/11 fiscal year (July-June), compared with $3.50 billion in the same period last year.

Remittances rose to $1.02 billion in October, compared with $855.11 million received in October last year.

Islamabad must start repaying an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, its foreign exchange reserves will come under further pressure, analysts say.