Foreign exchange reserves have surged to a record high of $18.25 billion, a central bank official said Thursday. The reserves peaked last week, from the previously reported $17.95 billion in March, the State Bank of Pakistan (SBP) said. The record was due to a rise in remittances from overseas Pakistanis and a jump in exports, he added.
In January Washington transferred more than $633 million to the Pakistani government to help pay for its efforts in the fight against extremists, which also boosted foreign exchange reserves.