In a major boost to Pakistan’s economy, the State Bank of Pakistan (SBP) has announced that its foreign exchange reserves have surpassed $12 billion for the first time in two and a half years. This milestone comes as a result of improved foreign inflows, including remittances and loans from international financial institutions.
According to the latest data released by the SBP, the reserves reached $12.1 billion, a significant increase from the previous figures. The rise in reserves is expected to provide greater stability to the Pakistani rupee and enhance the country’s ability to meet its international obligations.
This achievement is seen as a positive development in light of Pakistan’s ongoing efforts to stabilize its economy, combat inflation, and manage external debts. Economists are hopeful that the increase in reserves will also contribute to improved investor confidence in Pakistan’s financial markets.
The government and SBP officials have expressed optimism that the upward trend in reserves will continue, supported by upcoming foreign assistance and increasing exports. This progress is expected to pave the way for a more resilient and sustainable economic recovery in the coming months.
