Pakistan forex reserves edge up to $ 16.51 b

ISLAMABAD (Reuters): Pakistan’s foreign exchange reserves rose to $16.51 billion in the week ended 30 March, from $16.44 billion in the previous week, the Central Bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $ 11.84 billion from $ 11.77 billion a week earlier, while those held by commercial banks remained unchanged at $ 4.67 billion. Foreign exchange reserves hit a record $18.31 billion in July last year, boosted 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 record remittances have also supported Pakistan’s reserves.

Remittances from overseas Pakistanis rose 23 per cent to $ 8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $ 6.96 billion a year earlier.

In February, overseas Pakistanis sent back $ 1.16 billion.

Reserves have since been drained by debt repayments, including $ 399 million in the week ending 24 February due on an $ 8 billion International Monetary Fund loan.

The next repayment is due in April.