KARACHI: Pakistan’s foreign exchange reserves dropped to $12.370 billion in the week ending March 22 from $12.436 billion in the previous week, the central bank said.

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

An amount of $1,028 billion was remitted by overseas Pakistanis in February, compared with $ 1,156 billion in the same month a year earlier.