PM Shehbaz hails record $21.4b foreign exchange reserves

Of the total reserves, the State Bank of Pakistan (SBP) held $21.4 billion, a record for the central bank, while commercial banks had $5.4 billion., PM Shehbaz expressed gratitude to Allah after the SBP’s foreign exchange reserves reached a record high.

The premier said the increase in reserves was a testament to the economic team’s hard work and measures taken in the right direction. He said improved remittances and services exports, a better current account position and fiscal discipline had played an important role in increasing foreign exchange reserves.

Pakistan’s successful return to international capital markets had also reflected the restoration of global confidence in the country’s economy, the PMO stated. The increase in foreign exchange reserves would not only strengthen the country’s capacity to meet external payments but also significantly enhance its ability to withstand global economic challenges, the statement added.

Read:Foreign exchange reserves near $29bA stable economic position would open new avenues for external confidence, investment and sustainable economic growth in the country, PM Shehbaz said. The prime minister also congratulated Finance Minister Muhammad Aurangzeb, the State Bank governor, the government’s economic team and, in particular, overseas Pakistanis for their contribution to this important achievement, the statement added.

The total deposits of $26.8 billionlifted Pakistan's import cover to 3.03 months, the first clear move above the three-month benchmark since August 2020, (AHL). The cover is calculated on a three-month average of imports. The SBP's reserves rose by $3.061 billion during the week ended September 11, 2026, the largest weekly increase since June 27, 2025.

The central bank attributed the jump to the receipt of Pakistan's Eurobond proceeds. The $26.8 billion foreign currency reserves remain just below the $27.1 billion level recorded in September 2021, but the official slice within it is now at an all-time high.

That mix leaves a thicker external buffer than Pakistan has held for most of the past five years. Furthermore, the rupee closed at 277.26, a gain of Rs0.01 against the greenback. On Wednesday, the Pakistani rupee had settled at 277.27.