ISLAMABAD: Pakistan foreign exchange reserves raised $16.44 billion in the week ended March 23, from $ 16.39 billion in the previous week, the central bank said.

"The rise in the State Bank's reserves is due to some inflows from multilateral agencies", Reuters reported quoting Syed Wasimuddin, chief spokesman of the State Bank of Pakistan.

Reserves held by the Sate Bank of Pakistan (SBP) rose to $11.77 billion from $11.67 billion a week earlier, while those held by commercial banks fell to $4.67 billion, compared with $4.72 billion the previous week.

Higher exports and record remittances have also supported Pakistan's reserves, the Reuters added.

According to official data, 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.