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ISLAMABAD: Federal Finance Minister Ishaq Dar has clarified his statement about foreign currency accounts in Pakistan, saying the foreign exchange reserves stand at $10 billion as the money in commercial banks also belong to Pakistan.
Also read: Alarm bell: SBP’s forex reserves drop $245mn to $5.58bn, lowest level since April 2014
The statement by Dart had triggered a controversy on social media whereby many raised apprehensions about the possibility of repeating the history of forex reserves which were done in the aftermath of the nuclear explosion back in 1998. The country faced economic sanctions after May 28, 1998 explosion. The country’s foreign exchange reserves had touched the lowest ebb of just standing at $414 million.
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Taking to Twitter on Wednesday, Dar said “national foreign exchange reserves always include forex held with SBP and Commercial Banks. Recently I quoted the forex reserves figure based on this principle.”
National foreign exchange reserves always include forex held with SBP and Commercial Banks. Recently I quoted the forex reserves figure based on this principle. Some vested elements who ruined this country’s economy in the past, gave it a deliberate twist and started a campaign
— Ishaq Dar (@MIshaqDar50) January 11, 2023
He said “some vested elements who ruined this country’s economy in the past, gave it a deliberate twist and started a campaign as if Govt was considering an access to foreign exchange held with Commercial Banks which indeed is the property of the citizens.
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“It is categorically denied and clarified that there is no such move under consideration of the Govt. Therefore said misconstrued, misinterpreted and malafide, propaganda should be ignored. Pakistan is moving towards improvement in its forex reserves position in the near future, InnshaAllah!” he added.
