Pakistan forex reserves rise to $11.85 billion

Pakistan's foreign exchange reserves rose by $9 million to $11.850 billion in the week ended January 22, the central bank said on Friday.

Pakistan's foreign exchange reserves rose by $9 million to $11.850 billion in the week ended January 22, the central bank said on Friday.

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Reserves held by the State Bank of Pakistan rose to $9.058 billion from $9.054 billion a week earlier, while those held by the commercial banks rose to $2.792 billion from $2.787 billion a week ago, the bank said in a statement.

The bank gave no reason for the rise in reserves, but bankers attributed it to an increase in the flow of remittances from Pakistanis working abroad.

Pakistan's reserves hit an all-time high of $12.65 billion in March last year.