Governor Jameel Ahmad has projected Pakistan’s foreign exchange reserves to climb to around $18 billion by the end of June 2026, signaling improving financial stability amid global economic uncertainty.

Speaking on the sidelines of the International Monetary Fund–World Bank Spring Meetings, the State Bank of Pakistan chief briefed executives from leading international investment institutions and global credit rating agencies.

He said continued central bank dollar purchases and expected official inflows under bilateral arrangements would support reserve growth in the coming months.

Economic Indicators Improving

According to the governor, Pakistan’s macroeconomic indicators have strengthened faster than anticipated earlier in the fiscal year despite geopolitical tensions in the Middle East creating fresh risks.

Inflation averaged 5.7 percent during the first nine months of FY26, while the current account remained in surplus. Foreign exchange reserves have already risen to approximately $16.4 billion, largely due to interbank market purchases by the central bank.

Economic activity also showed recovery momentum, with real GDP growth accelerating to 3.8 percent in the first half of FY26 compared with 1.8 percent during the same period last year.

Stronger Position Against External Shocks

Ahmad emphasized that tighter monetary policy, fiscal discipline, and structural reforms have placed Pakistan in a stronger position than during previous global crises, including the 2022 Russia-Ukraine conflict.

He reaffirmed the government and central bank’s commitment to price stability, noting that a positive real interest rate, fiscal surpluses, targeted subsidies, and demand-management measures remain central to economic policy.

During the visit, the governor also highlighted growing overseas investor confidence, revealing that inflows under the Roshan Digital Account initiative have crossed $12.4 billion across more than 917,000 accounts worldwide.