Pakistan’s total foreign exchange reserves have surpassed $16 billion

Pakistan’s total foreign exchange reserves have surpassed $16 billion, with the State Bank of Pakistan (SBP) reporting a $46 million increase in the week ending January 31.

The reserves now stand at $16.04 billion, with $11.42 billion held by the SBP and $4.62 billion in commercial banks.

However, the Pakistan Business Council (PBC) has expressed concerns that the government’s $60 billion export target by 2027 is unlikely to be achieved due to recent increases in gas prices for local industries.

The reasons behind the rise in reserves have not been disclosed by the central bank.