PM Shehbaz expresses gratitude as forex reserves reach historic $21.4b

ISLAMABAD: Prime Minister Shehbaz Sharif has welcomed Pakistan's foreign exchange reserves reaching a historic high of $21.4 billion, calling the development another milestone towards economic stability. The State Bank of Pakistan has confirmed that its reserves reached $21.399 billion in the week ended September 11. The prime minister thanked Allah for the record level of reserves and said the achievement reflected the hard work of the economic team and measures taken in the right direction. Shehbaz said improvements in remittances and services exports, the better current account position and fiscal discipline had contributed to the increase in foreign exchange reserves. He added that Pakistan's successful return to international capital markets also reflected restored global confidence in the country's economy. According to the State Bank data, reserves increased by about $3.061 billion during the week, mainly following the receipt of proceeds from Pakistan's recent Eurobond issuance. The country's total liquid foreign exchange reserves also crossed $26.79 billion. The prime minister said the increase in reserves would strengthen the country's capacity to meet external payment obligations and enhance its ability to deal with global economic challenges. Shehbaz said the improved economic position would create new opportunities for foreign confidence, investment and sustainable economic growth. The prime minister also appreciated Finance Minister Muhammad Aurangzeb, the State Bank governor, the government's economic team and overseas Pakistanis for their contribution to the achievement.