Pakistan’s foreign exchange reserves cross $17 billion mark

[farhan_9909]

ISLAMABAD, Pakistan: The Federal Finance Minister Ishaq Dar has said that the country’s forex reserves have crossed $17 billion, terming it the fulfillment of another promise made by the Pakistan Muslim League-Nawaz (PML-N)-led federal government.

In a statement, the finance minister felicitated the nation on the milestone.

Separately, while briefing the US-Pakistan Business Council in Washington about Pakistan’s economic situation, the finance minister said that the government is giving top priority to attract foreign investment.

The minister assured that the government was keen to resolve all genuine issues of the investors. He said that it is not possible to achieve higher growth target without increasing investment to gross domestic product (GDP) ratio in the economy.

The finance minister said that the economic indicators are on the positive trajectory and tax revenue has increased.

Ishaq Dar said that the State Bank of Pakistan reserves are over $11.8 billion while Commercial Banks reserves are around $5.1 billion.

Furthermore, he expressed confidence that the balance of payments position will improve further and the current account deficit will be brought to under one per cent of GDP.

Pakistan's foreign exchange reserves cross $17 billion mark

 

[Dr. Strangelove]

@farhan_9909
what would it looks like by the end of this year any ideas

 

[farhan_9909]

@farhan_9909
what would it looks like by the end of this year any ideas

Considering that Dar sahab has recently hinted the possibility of issuing more sukuk bonds.

Most likely beyond 18BILLION DOLLARS

 

[Kambojaric]

Good trend. Less than 2 years ago we were down on 3 billion dollars with even Ethiopia having more reserves than us. Hopefully we can go into the 20's in the near future.

 

[M.SAAD]

We should just ask Saudia to inject some 20B $ into our economy and send some of our troops to their soil in return.

 

[Fracker]

Welcome Signs for Pakistan economy. Lets peaceful trend remain progressive and we become start becoming helpful for ourselves.

 

[JonAsad]

I was beginning to get happy and then i found this link below in similar threads section-

From 2010
]Pakistan foreign exchange reserves hit $17.1 billion record level

That too under zardari- during peak of terrorism and instability-
I am happy no more-

 

[Hurter]

And according to Dr. Shahid Masood, NS's assets are worth of $18 Billion & Zardari's assets are $16 Billion outside of Pakistan.

 

[Archie]

Well, Drop in price of oil more than anything else is responsible for this

PMLN is just trying to take credit

We should all hope that Oil prices stay low for next 2-3 yrs, this will help us in accumulating reserves, which could be used to fund important projects like High speed rail network, which GOI is looking at in a big way

 

[Fracker]

Well, Drop in price of oil more than anything else is responsible for this

PMLN is just trying to take credit

We should all hope that Oil prices stay low for next 2-3 yrs, this will help us in accumulating reserves, which could be used to fund important projects like High speed rail network, which GOI is looking at in a big way

Explain how Oil price drop has anything to do with increasing foreign reserves? Pakistan (unlike your country) drop local market oil as well, so Pakistan started to import more oil due to lower cost. So more Oil payments, how foreign reserves increased? I believe it only have advert effect on foreign payments.

The main reason for foreign reserves is;
1) Stock Exchange
2) Property inclined
3) More development work with more investors.

and so all credit does goes to PML-N Government.

 

[Indian Patriot]

We should just ask Saudia to inject some 20B $ into our economy and send some of our troops to their soil in return.

Trust me, you DON'T want that.

 

[Kambojaric]

I was beginning to get happy and then i found this link below in similar threads section-

From 2010
]Pakistan foreign exchange reserves hit $17.1 billion record level

That too under zardari- during peak of terrorism and instability-
I am happy no more-

Dude this is seriously good news after what PPP did to our economy. The PPP massacred it.

The link you posted is from 2010; We had 17.1 billion at that time yes.

Fast Forward to April 2013 just before the PPP government's term is ending and our reserves were at 6 billion

State Bank reserves hit 10-year low - Pakistan - DAWN.COM

Within 3 years our reserves fell 11 billion dollars under the idiots of PPP. Given the circumstances the current government has done a good job in reversing this trend and god save us from the day when these PPP idiots get power again.

 

[ArsalanKhan21]

Considering that Dar sahab has recently hinted the possibility of issuing more sukuk bonds. Most likely beyond 18BILLION DOLLARS

Why stop there ? Why not Hazrat Dar ? Dar is getting more loans i.e. Sukkuk Bonds to increase the foreign exchange reserves ! You cannot see the tricks of this government. We have to pay interest for these loans.People save money and that is their asset. I have $10,000 in bank and also have $10,000 loan then the total asset is zero and I also have to pay interest on that loan.

 

[Bouncer]

I have $10,000 in bank and also have $10,000 loan then the total asset is in negative since I have to pay interest on that loan.

Unfortunately that's how our the global economic system works today. Governments take out loans to run their affairs and pay back these loans plus interest with revenues from taxes, other sources etc. Not condoning the debt fest this government is going for without increasing the revenues, just trying to highlight why your point is not correct in this context.

 

[OrionHunter]

ISLAMABAD, Pakistan: The Federal Finance Minister Ishaq Dar has said that the country’s forex reserves have crossed $17 billion, terming it the fulfillment of another promise made by the Pakistan Muslim League-Nawaz (PML-N)-led federal government.

In a statement, the finance minister felicitated the nation on the milestone.

Separately, while briefing the US-Pakistan Business Council in Washington about Pakistan’s economic situation, the finance minister said that the government is giving top priority to attract foreign investment.

The minister assured that the government was keen to resolve all genuine issues of the investors. He said that it is not possible to achieve higher growth target without increasing investment to gross domestic product (GDP) ratio in the economy.

The finance minister said that the economic indicators are on the positive trajectory and tax revenue has increased.

Ishaq Dar said that the State Bank of Pakistan reserves are over $11.8 billion while Commercial Banks reserves are around $5.1 billion.

Furthermore, he expressed confidence that the balance of payments position will improve further and the current account deficit will be brought to under one per cent of GDP.

Pakistan's foreign exchange reserves cross $17 billion mark

Add the $1.5 billion that Saudi Arabia has gifted as well as the $1 billion that the US has given recently and the amount would increase to $19.5 billion!