Foreign exchange reserves up to $16.9b

The rise is in comparison with $16.77 billion the previous week, the central bank said on Thursday.Reserves held by the State Bank of Pakistan (SBP) were flat at $12.88 billion, unchanged from the previous week, while those held by commercial banks rose to $4.04 billion, compared with $3.96 billion the previous week.Foreign exchange reserves hit a record $18.31 billion in the week ending July 30, but have since eased due to debt repayments.Reserves were boosted in June last year 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 export proceeds and a record inflow of remittances have also helped support Pakistans foreign exchange reserves.According to official data, remittances rose 18.33 percent to $5.24 billion in the first five months of the fiscal year (July-June), compared with $4.43 billion in the same period a year earlier.However, they fell slightly to $923 million in November, compared with $926.89 million received in November last year.