KARACHI: Foreign exchange reserves rose to a record $17.59 billion in the week ending Feb 19, up from $17.44 billion the previous week, the State Bank of Pakistan (SBP) said on Thursday.
Reserves held by the SBP rose to $14.08 billion from $13.91 billion in the week ending Feb. 19, while those held by commercial banks fell to $3.51 billion from $3.53 billion, said the SBP.
A rise in remittances and exports were the main reasons for the increase in foreign exchange reserves, analysts said.
Remittances by overseas Pakistanis were recorded at $6.12 billion during the first seven months of the fiscal year 2010/11, up 17.70 percent from the same period last year, according to data from the State Bank of Pakistan.
