Dar pointed out that the recently reported figure of $2.9 billion was last week’s, which has now increased. PHOTO: FILE
Finance Minister Ishaq Dar has said foreign exchange reserves lying with the State Bank of Pakistan have increased by $0.5 billion this week, taking their current level to $3.4 billion.
Talking to media outside the Parliament House here on Friday, he pointed out that the recently reported figure of $2.9 billion was last week’s, which has now increased.
The State Bank releases weekly data of foreign exchange reserves with a delay of one week. On December 12, the central bank towards released figures for the week ended December 6, which put the reserves held by the central bank at $2.9 billion.
This all-time low has worried economists as the amount is barely enough to cover a month of imports.
The latest remarks made by Dar indicate that the country had been able to get a fresh injection, which are likely to be reflected when figures for the current week are released on Thursday.
The minister also spoke about several other topics concerning the economy. To a question, he said no proposal was under consideration to increase gas tariff for domestic consumers.
“The government has no plan to increase the tariff for domestic and private consumers. Such reports are totally wrong and a misunderstanding.”
Speaking about the trucks destroyed by protesters after the assassination of former prime minister Benazir Bhutto, Dar said the government would pay compensation to the truck owners’ association within the agreed time.
He said that he had promised to pay compensation to them before December 31 during the November 17 meeting with the association. The government had agreed to pay Rs242 million, after transporters staged a protest last month, suspending trade activity throughout the country.
He regretted that the previous government did not fulfil the promise and promised that the current one would honour the agreement with the association.
To a question, he said the government will meet all commitments made in the elections by the PML-N leadership.
Dar said the government had generated 14,000 megawatts of electricity in a very short time, which is planned to increase by 2,200MW in the next three years.
Published in The Express Tribune, December 14th, 2013.
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Dar is only interested in increasing income from exports for his industrialist friends.
Lier........???
@np: Timing matters. He's trying to stave off panic caused by the latest low reserves numbers. Frankly I'm astonished that he's succeeding. In any other country we'd have already had a panic like situation.