KARACHI: Pakistan's foreign exchange reserves rose to a record $18.31 billion in the week ending July 30, up from the previous life high of $18.30 billion hit a week ago, said a senior official in State Bank of Pakistan on Thursday.
Reserves held by the SBP jumped to $14.78 billion from $14.74 billion a week ago, while those held by commercial banks fell to $3.53 billion from $3.56 billion, said SBP chief spokesman Syed Wasimuddin.
Pakistan's foreign exchange reserves were boosted in June by inflows of $411 million, including a loan of $191.9 million from the World Bank, and another loan of $196.8 million from the Asian Development Bank.
Higher export proceeds and a record inflow of remittances have helped Pakistan's forex reserves grow steadily.
According to official data, remittances rose to a record $11.2 billion in 2010/11 fiscal year, an increase of 25.77 percent compared with the same period last year.
In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme.
IMF and Pakistan officials were due to meet in July to discuss the possible release of the sixth tranche but have been delayed and no new date has yet been announced. -Reuters
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