Pakistan's foreign reserves surge to $17.58bn
He said the news about fixing exchange rate target was baseless and unfounded.
(Web Desk) - Pakistan’s net foreign exchange reserves have increased to 17.58 billion US Dollars with the recent deposit of $2.1 billion from the Chinese government into the State Bank of Pakistan, Radio Pakistan reported on Tuesday.
In a tweet, spokesperson of Ministry of Finance Dr Khaqan Najeeb said implementation of a successful strategy had ensured the total forex reserves to rise to a comfortable level.
Yesterday, Dr Najeeb had said that the Chinese government had deposited $2.1Bn in State Bank of Pakistan (SBP) to help Pakistan in stabilising the economic condition of the country.
As of today #FX reserves held by #SBP have hit a double digit mark of $10.67Bn. The net FX #reserves held by commercial #banks stand at $6.91Bn. Implementation of a successful strategy has ensured total FX reserves of the country rising to a comfortable level of $17.58Bn.
— Dr. Khaqan Hassan Najeeb (@KhaqanNajeeb) March 25, 2019
The spokesman said that focus was on further strengthening the exchange rate regime and keeping it consistent with the evolving macroeconomic fundamentals of the economy.
He said the news about fixing exchange rate target was baseless and unfounded.
