Why record reserves are not worth celebrating yet
Pakistan's central bank has never held this many dollars. On September 18, the State Bank's reserves stood at $21.40 billion, comfortably above the previous peak of $20.07 billion set in August 2021. It is a genuine milestone. It is also a slightly m
September 09, 2026 (MLN): Pakistan's central bank has never held this many dollars. On September 18, the State Bank's reserves stood at $21.40 billion, comfortably above the previous peak of $20.07 billion set in August 2021. It is a genuine milestone. It is also a slightly misleading one, because almost none of that money was earned. In the first week of September, the government took a $1.21 billion commercial loa...