Remittances from overseas Pakistanis rose 23 percent to $8.59 billion in the first eight months of the 2011/12 fiscal year, compared with $6.96 billion a year earlier.

ISLAMABAD: Pakistan's foreign exchange reserves rose to $16.51 billion in the week ended March 30, from $16.44 billion in the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $11.84 billion from $11.77 billion a week earlier, while those held by commercial banks remained unchanged at $4.67 billion.

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 overseas Pakistanis rose 23 percent 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.

The next repayment is due in April.