Pakistan’s forex reserves rise by $27 million

KARACHI: Pakistan’s foreign exchange reserves increased by $27 million, the State Bank of Pakistan (SBP) said on Thursday.

According to the central bank, the country’s total forex reserves have reached $14.55 billion, while overall reserves now stand at $19.73 billion.

The SBP added that commercial banks’ reserves have reached $5.186 billion.

Meanwhile, US publication Bloomberg has said that Pakistan’s stock market has emerged as one of Asia’s best-performing markets.

According to a report by Bloomberg, the surge in Pakistan’s stock market reflects investors’ confidence in the vision of the country’s leadership. “Stability, transparency, and fiscal discipline in Pakistan are shining indicators of investor trust,” the publication said.

It said that retail investors in Pakistan have driven a 40 per cent increase in stocks this year, with the benchmark KSE-100 index rising by 40 per cent, positioning Pakistan as one of Asia’s top-performing markets.

“Government stability and improved economic policies have attracted Pakistanis toward the stock market. The Pakistani economy was on the brink of default in 2023, but recent improvements have reinvigorated investor sentiment,” it said.

Meanwhile, the International Monetary Fund has raised concerns over persistent corruption and weak governance in Pakistan, highlighting their continued impact on the country’s economic development despite signs of stabilisation under the $7 billion Extended Fund Facility programme. The warning comes in the IMF’s Governance and Corruption Diagnostic Assessment, which will play a key role in unlocking a $1.2 billion disbursement expected next month.