Forex reserves strengthen to 2-month import cover: SBP chief

The Governor of the State Bank of Pakistan, Jameel Ahmed, announced that Pakistan’s foreign exchange reserves have increased, providing much-needed stability to the country’s external position. The first installment of $1.03 billion from the IMF’s $7 billion Extended Fund Facility has helped ease pressure on the rupee and improved the supply of dollars in the market. Ahmed also highlighted the government’s improved fiscal situation and plans to modernize the banking sector, including launching fully digital banking by 2025 and expanding SME financing. He emphasized the importance of cybersecurity measures in light of the growing popularity of digital banking and the success of Raast, Pakistan’s digital payments platform.