KARACHI: Pakistan’s foreign exchange reserves dropped to $12.436 billion in the week ending March 15, from $12.565 billion in the previous week, the central bank said on Thursday.

Remittances from Pakistanis abroad rose 7.47 per cent to $9.23 billion in the first eight months, July to February, of the 2012/13 fiscal year, from $8.59 billion in the same period last year.

An amount of $1,028 billion was remitted by overseas Pakistanis in February 2013 as against $ 1,156 billion in the same month of the last fiscal year (February 2012).