Pakistan’s Foreign Exchange Makes History

KARACHI: According to reports, Pakistan’s foreign exchange reserves have reached the highest level in the country’s 75-year history.

According to sources, the country’s official foreign exchange reserves reached a highest level in four years of 18.2 billion dollars. According to the central bank reserves have increased. It was further stated that the total foreign exchange reserves of the country have crossed the level of 25 billion dollars, the total foreign exchange reserves have not reached such a high level in the history of the country till date.

On the other hand, experts say that for the first time in a financial year, Pakistan managed to earn 55  billion dollars in foreign exchange from various sources in a year. It was reported that remittances, in particular, exceeded expectations and reached record highs.

According to the State Bank of Pakistan, remittances received in June 2021 were about ً 2.7 billion dollars, which is 9% more than in June 2020. According to a SBP report, the arrival of Eid helped further increase remittances during June, bringing total remittances to a record annual annual level of  29.4 billion dollars in FY21. Fiscal year 21 saw a significant growth of 27% in remittances over the previous year, which is the fastest growth rate since FY03.

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