Karachi: Pakistan’s foreign exchange reserves rose to $16.395 billion in the week ended March 16 because of an increase in reserves held by commercial banks, compared with $16.390 billion in the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) fell to $11.67 billion from $11.56 billion a week earlier, while those held by commercial banks rose to $4.72 billion, compared with $4.53 billion the previous week.
According to official data, remittances from overseas Pakistanis rose 23.4 per cent to $8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion in the same period last year.
In February, overseas Pakistanis sent back $1.16 billion.
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