PM lauds FM, team as FX reserves hit all-time high of USD21.4bn

Business Recorder reported that Prime Minister Shehbaz Sharif praised Finance Minister Muhammad Aurangzeb and the wider economic team after the State Bank's foreign exchange holdings reached a record USD21.4 billion. In a statement, he also thanked SBP Governor Jameel Ahmad and overseas Pakistanis for their role in the milestone.

The premier credited the gain to better remittance inflows and services exports, a stronger current account and steady fiscal discipline. He also cited the country's recent access to global capital markets as a sign that international confidence was recovering.

According to the statement, higher reserves would strengthen the country's ability to meet external payments and improve resilience against global economic headwinds. The Prime Minister added that economic stability could attract foreign confidence, investment and growth.