The country's foreign exchange reserves hit a record high of $13.379 billion in the week ending March 3, due to foreign investment inflows and higher remittances from Pakistanis abroad, the central bank said on Thursday.
Reserves held by State Bank of Pakistan (SBP) reached a high of $11.062 billion, up from $10.998 billion a week earlier, however those held by commercial banks fell to $2.317 billion from $2.345 billion, the central bank said in a statement.
"We have seen robust foreign exchange inflows in recent months due to higher remittances from Pakistanis working abroad, and also because of a substantial rise in foreign investment," said chief central bank spokesman Syed Wasimuddin.
Foreign direct investment rose more than 69 percent to $2.1 billion in the first seven months of the 200607 fiscal year (July-June), led by inflows into the financial, communications and energy sectors, official figures show.
Inflows from foreign portfolio investment during July-January were $697.4 million, up from $400.5 million in the corresponding period last year.
During the period, remittances sent by Pakistanis abroad were recorded at $2.96 billion, up from $2.44 billion in the year-ago period.
"Our reserves are now sufficient for six-and-a-half months of imports," said Wasimuddin.