Pakistan's total liquid reserves stood have rose to $10.072 billion. PHOTO: FILE
Pakistan's total liquid reserves rose to $10.072 billion. The net reserves held by the State Bank of Pakistan (SBP) stand at $5.365 billion, while net reserves held by private banks stood at $4.706 billion.
Dar said after the repayment of Rs500 billion within 45 days of formation of government and strengthening of rupee against the dollar. Dar said the N government had fulfilled its promise of raising foreign exchange reserves of the country to $10 billion by the end of March 2014.
The finance minister said said that a solid foundation for economic uplift of the country has been laid down and building of the foreign exchange reserves would bring stability and strength in the economy. He said that Pakistan has an encouraging macro-economic framework and that would also enhance confidence of foreign investors, international community and institutions to invest in energy and infrastructure projects.
According to data released by SBP, total repatriation of profits on foreign investments amounted to $728 million in the first eight months of 2013-14, up 32.8% from the corresponding period of the preceding fiscal year.
In February alone, the repatriation of profit from companies operating in Pakistan to their stakeholders based in foreign countries amounted to $124.5 million, up a massive 214.4% from the repatriation of $39.6 million recorded in February 2013.
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@Jibran: @Kala_bacha:
We have been facing Ethnic problems since 70s and 80s...Did any govt. other than that was able to stop that? Can we come out to vote on Election Day other than on ethnicity? How much have we worked on ourselves to think beyond ethnicity?
We dont have issues when we become part of Afghan war and still today we defend becoming part of War on Terror but yes we condemn becoming part of Syrian war...either condemn both or dont be hypocrite...
@Sarmad:
do you have a shred of evidence to back up your insane and unwarranted claim? the names of any pakistanis who were 'sold'?
@Waseem: What about the instability, terrorism, Lal Masjid, killing of Bugti, international ridicule and lack of electricity under 9 years of Musharraf dictatorship? You want to paint a rosy picture of army rule but people of Pakistan know that true development comes from a stable government and institutions, not a military dictator. Do you have any idea of what is going on in the dictatorships and kingdoms of Arab countries and why they are seen as most backward societies in the world. Yes things are improving slowly in Pakistan but you still want to go the route of dictatorship which makes no sense when you look to Middle East countries. I am sure when Pakistan's reserves are greater than 15 billion, people like you will still complain.
@Waseem: having reserves of US$ 15 Billion was no big deal when Musharraf got US$ 55 Billion from the West for participation in the war on terror, whose jolts are still being felt in Pakistan. He mysteriously exported wheat for around US$ 200 per unit due to which shortage prevailed in the country and he had to import the same wheat for US$ 450 per unit, minting Millions of US$ from these shady deals. He tried to dole out Pakistan Steel Mills for less than 1/4th the price to his cronies but was stopped by the Supreme Court. Having Millions of Dollars in Abu Dhabi's Bank and luxury apartment in central London makes him Billionaire but Pakistani nation poorer.
This is a bogus number as reserves held by private banks and individuals can't be used to pay State obligations.