Pakistan foreign exchange reserves exceed $23 billion: minister

Pakistan’s foreign exchange reserves have crossed the $23 billion mark, Energy Minister Hammad Azhar said Saturday.

There has been a boom in the export sector that would help stabilise the economy, Azhar said at a press conference in Islamabad.

The country exported goods worth $3.2 billion in the month of March alone, the minister said. He was hopeful of achieving 4% growth rate this fiscal year.

The former Pakistan Muslim League-Nawaz government obtained Rs7,000 billion loans by asking the State Bank of Pakistan to print excess notes, the minister said.

The economy was artificially supported in the tenure of the former government, he said.

The Pakistan Tehreek-e-Insaf government has obtained no loan from the central bank, Azhar added.