Monday, July 22, 2024

Ishaq Dar Claims Forex Reserves Stand at $10 Billion

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.

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