Pakistan's Forex Reserves Reach $18.7 Billion, Highest in Three Years
Pakistan's foreign exchange assets reached a three-year high of $18.7 billion as of November 2024, bolstering the country's external account. This total includes liquid reserves and a near-record $5.5 billion in gold reserves, fueled by rising gold prices. Additionally, commercial banks hold $4.7 billion of liquid reserves.
Experts attribute the growing reserves to strict import restrictions, delayed dividend repatriations, successful debt rollovers, and other economic adjustments. However, sustainable growth in reserves will depend on structural reforms such as
boosting exports, attracting foreign investment, and improving energy efficiency.
Pakistan also recorded a current account surplus of $944 million for the first five months of fiscal year 2025, marking an improvement from the previous year's deficit. The State Bank of Pakistan’s FX reserves stand at $11.7 billion, covering
over two months of imports, and the country is negotiating a $1 billion loan tranche
under the $7 billion IMF Extended Fund Facility (EFF) program.
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