The foreign exchange reserves of the country increased by $8.60 million (+0.04 percent) to $23,586.5 million by the week ended June 11, 2021, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $23,577.90 million by a week earlier ended June 04, 2021. The foreign exchange reserves held by the central bank rose 0.01 percent ($2.4 million) to $16,417.3 million, on a weekly basis as compared with $16,414.9 million recorded on June 04. Likewise, foreign exchange reserves held by commercial banks increased by $6.20 million (+o.09 percent) to $7,169.2 million by the week ended June 04, 2021 as compared with $7,163 million a week ago. According to SBP data, the highest ever foreign exchange reserves, earlier, were recorded at US$ 23,098.5 million in fiscal year 2015-16 while since April 2021 an upward trend has been observed in liquid foreign reserves. It is important to note that remittances being sent by overseas Pakistani workers increased by 34 percent in May, giving a much-needed boost to the government’s hope to collect up to $29 billion by the end of the current fiscal year. The country received $26.736 billion during the first 11 months (July-May FY21), an increase of 29pc or $6.077bn. According to State Bank’s data, Pakistan received $2.49 billion in May, compared to $1.865 billion received during the same month of last fiscal year (FY20), an increase of $625 million or 34 percent.