Prime Minister Shehbaz Sharif expressed his approval on Friday following a significant increase of more than $3 billion in Pakistan’s foreign exchange reserves. He credited this improvement to the government’s economic policies and the dedicated efforts of the economic team.
The State Bank of Pakistan (SBP) announced on Thursday that its foreign exchange reserves had risen to $21.389 billion. This growth was largely fueled by proceeds from Pakistan’s recent Eurobond issuance. When combined with reserves held by commercial banks, the total liquid foreign exchange reserves of the country reached $26.791 billion. Commercial banks accounted for $5.402 billion of this total, as per the central bank’s latest figures.
In a significant development, PM Shehbaz described the reserve increase as a key milestone toward achieving economic stability. He emphasized that this progress was the outcome of relentless efforts by the economic team and the government’s strategic measures.
He further highlighted that enhanced remittances, growth in services exports, an improved current account balance, and fiscal discipline had all played vital roles in strengthening Pakistan’s foreign exchange position. The prime minister also pointed to Pakistan’s successful re-entry into international capital markets as a sign of renewed global confidence in the country’s economy.
PM Shehbaz, the bolstered reserves will enhance Pakistan’s capacity to meet its external payment obligations and better equip the nation to face global economic uncertainties. He added that a stable economic environment would attract foreign investment and promote sustainable growth.
The prime minister extended his appreciation to Finance Minister Muhammad Aurangzeb, the SBP governor, the economic team, and especially overseas Pakistanis for their contributions to this achievement.
Meanwhile, the SBP dismissed circulating rumors about the withdrawal of the Rs10 banknote, labeling such reports as unfounded. The central bank urged the public to disregard these speculations.
It clarified that although a proposal for introducing redesigned banknotes is under review by the federal cabinet, no decisions have been made regarding the discontinuation or replacement of any currency denominations. The SBP assured that any official changes concerning banknotes would be formally announced to the public.
This clarification came in response to social media and other platforms spreading misinformation about the possible withdrawal of the Rs10 note from circulation.
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