ISLAMABAD: The foreign exchange reserves of Pakistan crossed the of $10 billion threshold on March 31, 2014, Finance Minister Ishaq Dar said on Tuesday.
Pakistan’s total liquid reserves rose to $10.072 billion. The net reserves held by the State Bank of Pakistan (SBP) stand at $5.365 billion, while net reserves held by private banks stood at $4.706 billion.
Dar said after the repayment of Rs500 billion within 45 days of formation of government and strengthening of rupee against the dollar. Dar said the N government had fulfilled its promise of raising foreign exchange reserves of the country to $10 billion by the end of March 2014.
The finance minister said said that a solid foundation for economic uplift of the country has been laid down and building of the foreign exchange reserves would bring stability and strength in the economy. He said that Pakistan has an encouraging macro-economic framework and that would also enhance confidence of foreign investors, international community and institutions to invest in energy and infrastructure projects.
According to data released by SBP, total repatriation of profits on foreign investments amounted to $728 million in the first eight months of 2013-14, up 32.8% from the corresponding period of the preceding fiscal year.
In February alone, the repatriation of profit from companies operating in Pakistan to their stakeholders based in foreign countries amounted to $124.5 million, up a massive 214.4% from the repatriation of $39.6 million recorded in February 2013.
