Forex reserves ease to $17.18bn

 KARACHI: Pakistan's foreign exchange reserves eased to $17.18 billion in the week ending on April 23, from $17.38 billion the previous week, a central bank official said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) fell to $13.68 billion from $13.91 billion a week ago, while those held by commercial banks rose slightly to $3.50 billion from $3.47 billion, said SBP chief spokesman Syed Wasimuddin.

Pakistan's forex reserves have grown steadily thanks to higher export proceeds as well as record inflow of remittances, hitting an all-time high of $17.95 billion during the week that ended on March 26.

Reserves have since eased slightly on debt repayments.

Remittances from overseas Pakistanis increased by 22.37 percent to more than $8 billion in the first nine months of the 2010/11 fiscal year (July-June), and in March, a record $1.05 billion was received, according to SBP data.