Pakistan’s forex reserves rise to record $17.38 bln

Reserves held by the State Bank of Pakistan (SBP) rose to $13.85 billion from $13.74 billion in the week ending Jan. 29, while those held by commercial banks fell to $3.53 billion from $3.56 billion, said the SBP.

Analysts said the rise was due to a rise in remittances from overseas Pakistanis. According to official data, remittances rose 17 percent to $5.3 billion in the first six months of the fiscal year 2010/11 (July-June).

Pakistan’s foreign exchange reserves were boosted last month by more than $633 million from the US for providing military and logistical support to fight Islamist militancy.

In May, Pakistan received $1.13 billion – the fifth tranche of an $11 billion International Monetary Fund bailout programme.