Pakistan forex reserves surge to record high

New record of $18.31 billion was due to a rise in remittances from overseas Pakistanis and a jump in exports: SBP

KARACHI: Pakistan's foreign exchange reserves have surged to a record high of $18.31 billion, a central bank official said Thursday.

The new record was due to a rise in remittances from overseas Pakistanis and a jump in exports, State Bank of Pakistan (SBP) spokesman Syed Wasimuddin said.

Reserves had also peaked in the first week of July at $17.95 billion, the SBP said.

In January, Washington transferred more than $633 million to the Pakistani government to help pay for the fight against extremists, which also boosted foreign exchange reserves.