Foreign exchange reserves will cross $ 15 bln in July this year: Finance Minister

Islamabad: Apprising the National Assembly about the latest economic indicators, Finance Minister Ishaq Dar said Foreign Exchange Reserves will cross 15 billion dollars in July this year.

He said currently the reserves stand at 13 billion dollars. Major increase has been witnessed in the reserves of State Bank of Pakistan which are now over around eight billion dollars.

The Minister said revenues of Federal Board of Revenue have witnessed a growth of 15.6 percent during the first ten months of the current financial year. He said 1745 billion rupees have been collected against 1509 billion rupees during corresponding period of last year.

He said budget deficit stands at four percent against 5.5 percent of the corresponding period last year.

Ishaq Dar said home remittances have also witnessed a growth of 11.4 percent. He said 1289 billion dollars have been received so far under the head of home remittances as against 11.57 billion dollars received against the corresponding period last year. Exports have risen to 19.11 billion dollars showing a growth a growth of 6.1 percent.

He said that trade deficit has also been reduced significantly in the first nine months of current financial year. In the first nine months the paid deficit remained 13.93 billion dollars against 14.74 billion dollars during the corresponding year.

On inflation level, the Finance Minister said that it has been brought down to single digit and is currently stands at 8.6 percent. He said international community is also recognizing that the country’s growth is witnessing an upward trend while inflation is on the decline. He said the GDP growth rate is expected to be four percent during the current financial year while it will be enhanced to five percent in the next year.

The post Foreign exchange reserves will cross $ 15 bln in July this year: Finance Minister appeared first on Pakistan Press International.

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