ISLAMABAD: Pakistan’s foreign exchange reserves have crossed an all time high mark of US $20 billion on Thursday, said a statement issued here.
According to details, the reserves includes $15.24 billion that are with the State Bank of Pakistan (SBP) while another $4.83 billion are held by the commercial banks.
Finance Minister Ishaq Dar in a statement said that the level of foreign exchange reserves is a manifestation of the stability in the national economy that has been achieved due to the deep-rooted and comprehensive economic policies and reforms undertaken by the present government during the last two years.
He said all the international donor agencies as well as rating agencies now hold Pakistan’s economy positively. “We are now working for sustainable and inclusive growth, consolidation of the economic gains and employment generation,” he added.
Moreover, Prime Minister Nawaz Sharif congratulated the finance minister on this achievement.
Currency experts believe that higher reserves, particularly of the State Bank, help stabilise the exchange rate. Low SBP reserves attract speculation which directly hits the local currency, as witnessed in the recent past.