Forex reserves cross $10 bn mark: Dar

ISLAMABAD: The foreign exchange reserves of the country have crossed the threshold of $10 billion on March 31 as the government has strengthened the foundation of the economy, said Finance Minister Senator Ishaq Dar in an official statement on Tuesday.

The minister claimed that after repayment of the power sector circular debt of up to Rs500 billion in 45 days and strengthening of the value of the Pakistani rupee, the government had fulfilled its commitment.

The total liquid reserves stood at $10.072 billion, he said, adding the net reserves with the State Bank of Pakistan were $5.365 billion.He said a solid foundation for economic uplift of the country had been laid down and building of foreign exchange reserves will bring in stability and strength to the economy. He said that Pakistan had an encouraging macro-economic framework and this will lead to enhanced confidence in Pakistan by foreign investors, the international community and institutions in energy and infrastructure projects.