Karachi, June 4 (IANS) Pakistan's foreign exchange reserves have crossed $16 billion for the first time in three years, but the country's foreign debt stands at a staggering $54 billion.

Central bank spokesman Syed Waseemuddin told Geo News Friday that as of May 21, Pakistan's foreign exchange reserves stood at $16.129 billion, largely because the US deposited $280.80 million meant for expenses in the war against terror.

The last time the reserves had exceeded $16 billion was in August 2007.

Of the $16.129 billion, the State Bank of Pakistan (SPB) held $12.30 billion, the remaining $3.70 billion was deposited in commercial banks, Waseemuddin said.

On the flip side, Pakistan's external debt stood at $54.23 billion as of March 31, SBP figures show.

Meanwhile, the government Wednesday accepted the resignation of SBP governor Syed Salim Raza and asked Deputy Governor Yaseen Anwar to officiate in his place.

Citing 'personal reasons', Raza had submitted his resignation effective May 6, which was accepted by President Asif Ali Zardari on the advice of Prime Minister Yousuf Raza Gilani, a government statement Wednesday night said.

The former Citigroup banker, who was appointed SBP governor in December 2008, was due to retire in February 2011.