PM expresses satisfaction over SBP reserves reaching historic high of $21.4bn

ISLAMABAD-- Prime Minister Muhammad Shehbaz Sharif has expressed satisfaction over State Bank of Pakistan's foreign exchange reserves reaching a historic high of 21.4 billion dollars.

In a statement, he described it another historic milestone toward economic stability.

The Prime Minister said the increase in foreign exchange reserves to twenty-one point four billion dollars is a testament to the hard work of the economic team and the measures taken in the right direction. 

Shehbaz Sharif noted that significant improvement in remittances and services exports, a better current account position and fiscal discipline played an important role in increasing the country’s foreign exchange reserves.

The Prime Minister said Pakistan’s successful re-entry into international capital markets is also a reflection of the restoration of global confidence in the country’s economy.

Shehbaz Sharif said the increase in foreign exchange reserves will not only strengthen Pakistan’s capacity to meet external payment obligations but will also significantly enhance its ability to withstand global economic challenges.

He said a stable economic position will open new avenues for greater foreign confidence, investment and sustainable economic growth in the country.

The Prime Minister commended Finance Minister Muhammad Aurangzeb, the Governor of the State Bank of Pakistan, the government’s economic team, and, in particular, overseas Pakistanis for their contribution to this important achievement.