Foreign exchange reserves rise to record $17.10b

The rise in the week ending October 15 is due increase in remittances and narrowing trade deficit.

Pakistan's foreign exchange reserves have risen to a record $17.10 billion in the week ending October 15.

Reserves held by the State Bank of Pakistan rose to a record $13.26 billion from $13.15 billion. Those held by commercial banks also rose to $3.84 billion from $3.82 billion.

The rise is due to an increase in remittances from overseas Pakistanis and a narrowing trade deficit.

Pakistan's reserves were boosted last month by funds from the IMF amounting to $450 million. This was separate from the $11 billion IMF bailout programme, agreed to in 2008.