Pakistan’s foreign exchange reserves rose to $17.38 billion in the week ending on April 16, from $17.31 billion the previous week, a central bank official said on Thursday. Reserves held by the State Bank of Pakistan (SBP) eased slightly to $13.91 billion from $13.93 billion a week ago, while those held by commercial banks jumped to $3.47 billion from $3.38 billion, said SBP Chief Spokesman Syed Wasimuddin. Pakistan’s forex reserves have grown steadily, thanks to higher export proceeds as well as record inflow of remittances, hitting an all-time high of $17.95 billion during the week that ended on March 26. Reserves have since eased slightly on debt repayments. Remittances from overseas Pakistanis increased by 22.37 percent to more than $8.0 billion in the first nine months of the 2010-11 fiscal year (July-June), and in March, a record $1.05 billion was received, according to SBP data. Foreign exchange reserves were boosted in January by more than $633 million when the United States provided funds for military and logistical support for a campaign against a Taliban insurgency.
