Forex reserves reach $21 billion mark

ISLAMABAD: Due to the prudent economic policies of the incumbent government, the macro-economic indicators were showing resilience and for the first time, the country’s foreign exchange reserves have reached the historic level at $21 billion.

Out of the total foreign exchange reserves held by the country, $16 billion were with the State Bank of Pakistan (SBP) and the rest $5 billion were with the other commercial banks.

Prime Minister Nawaz Shareef felicitated Finance Minister Ishaq Dar and his economic team for building the forex reserves, which would further improve trade and investment climate of the country.

He said Pakistan was back on the path of economic growth, owing to political stability, improved security and transparency in the public sector governance, adding that the increasing foreign exchange reserves were another positive indicator that would help in attracting the foreign direct investment besides boosting the investors’ confidence to invest in different sector of national economy. The prime minister said last year, the forex reserves share of SBP has increased from $3 billion to $16 billion, which had also strengthened the economic position of country, adding that the increasing forex reserves has also averted the predictions made by couple years back claiming that Pakistan’s economy was on verge of default and it would suffer badly. According to a latest statement of the finance minister, Pakistan has just received less than $300 million net inflows from the International Monetary Fund (IMF) during the tenure of the current government.

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