Karachi: Pakistan’s foreign exchange reserves surged slightly to $16.87 billion in the week ending January 27, as compared to $16.80 billion in the previous week.

The country foreign exchange reserves hit a record $18.31 billion in July, but have since eased due to debt repayments.

State Bank of Pakistan on Thursday said that the eserves held by SBP fell to $12.52 billion from $12.55 billion a week earlier, while those held by commercial banks rose to $4.35 billion, compared with $4.25 billion the previous week.

Higher export proceeds and a record inflow of remittances have helped support Pakistan’s foreign exchange reserves.

According to official data, remittances rose 19.6 percent to $6.33 billion in the first half of the fiscal year (July-June), compared with $5.29 billion in the same period a year earlier.