ISLAMABAD: Pakistan has fulfilled another key condition set by the International Monetary Fund (IMF) by increasing its foreign exchange reserves above the required target.
According to the State Bank of Pakistan (SBP), the country’s dollar reserves reached $14.51 billion by the end of the fiscal year on June 30. This marks an increase of $5.2 billion compared to the previous year.
The IMF had set a target of $13.9 billion for Pakistan’s reserves in the 2024-25 fiscal year. The rise was attributed to higher remittances from overseas Pakistanis, improved exports, and the central bank’s strategy of buying dollars from the open market.
Over the past ten months, the SBP purchased $6.8 billion from the market, helping boost the country’s foreign currency reserves. The increase is seen as a positive step toward economic stability.
