According to Pakistan’s Finance Minister Ishaq Dar, the country has $10 billion in foreign exchange reserves as opposed to $4 billion because $6 billion is kept by commercial banks but is also national property.
Speaking to a private television station on Saturday, the minister stated that Pakistan’s past-due loans are being paid on schedule and that its foreign exchange reserves will “stabilize again very soon.”
The financial czar’s announcement comes a day after this newspaper reported that Pakistan had repaid over $1 billion in loans to two foreign commercial banks, causing the nation’s foreign exchange reserves held by the central bank to drop to $4.5 billion, just enough to pay 25 days of imports.
