Pakistan's foreign exchange reserves rise to record $17.38 billion level

The country's total liquid foreign reserves reached at highest ever level of 17.38 billion dollars because of huge remittances sent by overseas Pakistanis. According to the State Bank of Pakistan (SBP) that country's total liquid foreign reserves have posted an increase of 86.1 million dollars to 17.386 billion dollars on week ended January 29, 2011 from 17.30 billion dollars a week earlier.
The raise was witnessed in the reserves held by SBP, which have reached about 14 billion dollars level. Reserves held by SBP increased by 112.2 million dollars to 13.85 billion dollars during the last week as compared to 13.739 billion dollars a week earlier. However, foreign exchange reserves held by banks have witnessed a decline and were down by 26.1 million dollars during the last week. With current decline, overall foreign reserves held by banks declined to 3.534 billion dollars as compared to 3.561 billion dollars last week.