Pakistan's foreign exchange reserves were $16.39 billion in the week ended March 16.—File Photo

KARACHI: Pakistan's foreign exchange reserves were $16.39 billion in the week ended March 16, unchanged from the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $11.67 billion from $11.86 billion a week earlier, while those held by commercial banks rose to $4.72 billion, compared with $4.53 billion the previous week.

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.

According to official data, remittances from overseas Pakistanis rose 23 per cent to $8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion a year earlier.

In February, overseas Pakistanis sent back $1.16 billion.

Reserves have since been drained by debt repayments, including $399 million in the week ending Feb. 24 due on an $8 billion International Monetary Fund loan.