The foreign exchange reserves of the country have crossed the threshold of $10 billion on March 31. "The total liquid reserves stood at $10.072 billion. The net reserves with State Bank of Pakistan are $5.365 billion and the net reserves with banks stood at $4.706 billion," says a statement issued by the Ministry of Finance, here Tuesday.
According to the statement, Finance Minister Ishaq Dar said after repayment of power sector circular debt up to Rs 500 billion in 45 days and strengthening of the value of Pakistan rupee, the government of PML (N) has fulfilled yet another commitment with the nation of shoring up of the FE reserves to a comfortable level of $10 billion by the end of March 2014.
He said a solid foundation for economic uplift of the country has been laid down and building of the foreign exchange reserves will bring in stability and strength in the economy. He said Pakistan has an encouraging macroeconomic framework and this will lead to enhanced confidence in Pakistan by foreign investors, international community and institutions in energy and infrastructure projects.
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