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Summary Reserves held by SBP fell to $11.978 billion from $12.07 billion a week earlier.
Pakistans foreign exchange reserves dropped to $16.416 billion in the week ending May 4,from $16.43 billion the previous week, the State Bank of Pakistan (SBP) said on Thursday.Reserves held by SBP fell to $11.978 billion from $12.07 billion a week earlier, while those held by commercial banks rose to $4.438 billion from $4.36billion.Foreign exchange reserves hit a record $18.31 billion in July last year, boosted by inflows of $411 million, including a $191.9 million loan from the World Bank and a $196.8 million loan from the Asian Development Bank.Higher exports and record remittances have also supported Pakistans reserves.Remittances from Pakistanis overseas rose 20.23 percent to $10.877 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.046 billion in the same period last year.In April, remittances totaled $1.141 billion.
