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Foreign exchange reserves cross threshold of $10b: Dar

Foreign exchange reserves cross threshold of $10b: Dar

ISLAMABAD: The foreign exchange reserves of the country have crossed the threshold of $10 billion on March 31, 2014. The total liquid reserves stood at $10.072 billion. The net reserves with State Bank of Pakistan are $5.365 billion and the net reserves with the banks stood at $4.706 billion.

The Finance Minister, Senator Ishaq Dar said that after repayment of power sector circular debt up to Rs. 500 billion in 45 days and strengthening of the value of Pakistan Rupee, the Government of PML (N) has fulfilled yet another commitment with the nation of shoring up of the FE Reserves to a comfortable level of US $ 10 billion by the end of March 2014.

He said that a solid foundation for economic uplift of the country has been laid down and building of the foreign exchange reserves will bring in stability and strength in the economy. He said that Pakistan has an encouraging macro-economic framework and this will lead to enhanced confidence in Pakistan by foreign investors, international community and institutions in energy and infrastructure projects.