KARACHI: Pakistan’s foreign exchange reserves fell to $16.64 billion in the week ending Feb 17, compared with $16.77 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $12.21 billion from $12.29 billion a week earlier, while those held by commercial banks also fell to $4.43 billion, compared with $4.48 billion the previous week.

Foreign exchange reserves hit a record $18.31 billion in July last year, but have since fallen due to debt repayments.

Islamabad is repaying an $8 billion International Monetary Fund loan.

“The repayment of $399 million of the IMF loan (International Monetary Fund) is due tomorrow,” said Syed Wasimuddin, chief spokesman of the State Bank of Pakistan.

Without additional sources of revenue, that will further drain Pakistan’s foreign exchange reserves.

Reserves were boosted in June last year by inflows of $411 million, including a $191.9 million loan from the World Bank, and a $196.8 million loan from the Asian Development Bank.

Higher exports and a record inflow of remittances have also helped support Pakistan’s foreign exchange reserves.

According to official data, remittances rose 21.54 per cent to $7.43 billion in the first seven months of the fiscal year (July-June), compared with $6.12 billion in the same period a year earlier.