Pakistan’s foreign reserves cross $14 billion

Amid decline in inflation and jump in stock market, Pakistan’s foreign exchange reserves reach a new milestone, reported 24NewsHD TV channel.

According to a latest data released by the State Bank of Pakistan, Pakistan’s foreign exchange reserves have crossed the $14 billion mark, with the State Bank's dollar reserves exceeding $9.5 billion for the first time in 26 months. According to the latest data, the country's total dollar reserves now stand at $14.082 billion, with the government's foreign exchange reserves sufficient to cover 65 days of imports.

In one week, the reserves of central bank increased by $4.30 million while State Bank's reserves increased to 9.509 billion dollars. The reserves of commercial banks decreased by 1.30 million dollars to 5.31 billion dollars. The economic and forex experts have hailed this increase terming it as a positive sign for Pakistan's economy, indicating improved stability and a reduced reliance on external borrowing. The surge in reserves is attributed to increase in dollar deposits from banks and a rise in foreign investment.

During the past week, the State Bank's dollar deposits increased by $40.30 million to $9.51 billion, while bank deposits rose by $20 million to $5.311 billion.