Pakistan's forex reserves rise to $12.27 bln: Forbes

KARACHI, July 9 (Reuters) - Pakistan's foreign exchange reserves rose by $430 million to $12.27 billion in the week that ended on July 4, a central bank spokesman said on Thursday.

The State Bank of Pakistan's reserves edged up to $8.96 billion from $8.55 billion a week earlier, while reserves held by commercial banks jumped to $3.31 billion from the previous week's $3.29 billion, chief spokesman Syed Wasimuddin said.

He said reserves rose sharply after the central bank received $500 million from the Asian Development Bank on June 30, which were shown in the current data.

Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November last year, largely because of a soaring import bill.

Pakistan agreed in November to an International Monetary Fund emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves.

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