Pakistan

Foreign exchange reserves rise to $20bn: Dar

Finance minister says govt received different transactions worth $1.6bn since Wednesday, which pushed up reserves

Abdul Manan/web Desk October 01, 2015

Finance Minister Ishaq Dar addresses a press conference in Islamabad. PHOTO: MUDASSAR RAJA/EXPRESS

ISLAMABAD: Finance Minister Ishaq Dar announced on Thursday the country's foreign exchange reserves have crossed an all time high mark of $20 billion.

Addressing a news conference in Islamabad, Dar said out of the $20.07 billion, $15.24 billion were with the State Bank of Pakistan (SBP), while the rest $4.83 billion with commercial banks, Radio Pakistan reported.

Highlighting the reason for the rise, Dar said the government received different transactions worth $1.6 billion since Wednesday, which pushed up the reserves. These included $500 million each from Euro Bond and IMF tranche, $375 million from the Coalition Support Fund and another transaction of $265 million.

Read: Stability: Dar aims for high foreign reserves

Dar claimed the rise was unthinkable in February last year when the reserves with the SBP were just $2.75 billion.

PM extend felicitations

Meanwhile, Prime Minister Nawaz Sharif congratulated the nation and the finance minister on crossing the foreign currency reserves mark.

Claiming that this was the highest ever figure in the reserves attained by the country, he said Pakistan was progressing steadily and gaining economic ground.

COMMENTS (7)

Mursia | 9 years ago | Reply Half billion are from bonds, half billion are from IMF dole. It is not a reserve it is a liability to be paid later. Specifically to be paid when this Govt. leaves office and next Govt. have to devalue Rs. to pay for it since outflows are more than inflows. This cycle is going at least since Musharraf.

fahad | 9 years ago | Reply Probably the only country in world, who begs money from all over, pick up loans every month, every quarter issue sovereign bonds and raise debt money... and go around telling we have foreign reserve... of course because you look loans !!! which you need to pay back with high interest

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Kumar | 9 years ago | Reply I am not a negative person but all this is from loans and aid. Unfortunately, sustenance and trust in the economy will only come from solid ground development which will take a longer time. FDI won't come unless that actually starts happening.

sabi | 9 years ago | Reply Shame on liars anchor persons,journalists pseudo intellectuals for misleading public on tv channels that country would go bankrupt in six month starting from June 2013 onward. PTI troll must open their eyes and try to see who is fooling them. Not even a single analysis of these people proved correct yet they continue to spread lies in return for few bucks.

Shuaib Bhat | 9 years ago | Reply I'm an N League supporter but how much of this is from loans?

shero | 9 years ago | Reply well one thing is for sure nawaz is a lucky man the fall in oil prices is a gift from heaven

Sajjad | 9 years ago | Reply The reserves in Feb last year were $12.5b, not $2.5b. ET needs some proof reading skills.

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