Pakistan’s forex reserves highest ever at $20bn: Ishaq Dar

ISLAMABAD: Minister for Finance, Ishaq Dar on Thursday said Pakistan’s foreign exchange reserves have risen to the highest level in the country’s history at $20.07 billion.

At a press conference here, the Finance Minister said with this development the incumbent government’s promise of taking the forex reserves to $20 billion stands fulfilled.

Of the country’s total liquid reserves of $20.07 billion, $15.24 billion are held by the State Bank of Pakistan (SBP) while $4.83 billion are with the commercial banks.

He said receipts under various heads have materialized, pushing the level of foreign exchange reserves to over $20 billion. These receipts include proceeds from Euro Bond, tranche from International Monetary Fund (IMF), Coalition Support Fund (CSF).

Ishaq Dar said in February last year Pakistan’s foreign exchange reserves stood at $2.75 billion and at that time no one would have imagined that in a matter of such a small period of time these reserves would touch the present level.

The Finance Minister greeted the nation over what he termed a landmark achievement.