ISLAMABAD: Pakistan's foreign exchange reserves dropped to $16.103 billion in the week ending May 11from $16.416 billion the previous week, State Bank of Pakistan said on Thursday.
Reserves held by SBP fell to $11.784 billion from $11.978 billion a week earlier, while those held by commercial banks dropped to $4.319 billion from $4.438billion.
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 Pakistanis overseas rose 20.23 percent to $10.877 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.046 billion in the same period last year.
In April, remittances totalled $1.141 billion. (Reuters)