Foreign exchange reserves will touch $15bn by month-end: Dar‏

E-Paper | August 11, 2026

Foreign exchange reserves will touch $15bn by month-end: Dar‏

Irfan Haider Published December 7, 2014

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ISLAMABAD: Finance Minister Ishaq Dar on Sunday said that Pakistan's foreign exchange reserves will touch $15 billion by the end of this month.

Addressing the office bearers of all Pakistan newspapers society in Islamabad, the federal minister called upon all political parties to join hands to put the country back on track.

“13.7 per cent increase has been registered in remittances, 16.4 per cent increase in tax collection and foreign exchange reserves have reached 14 billion dollars as a result of policies adopted by the government,” Dar said.

The finance minister said the Constitution allows the government to use supplementary grants during emergency situations such as floods and other natural calamities.

He said that Pakistan has floated sukuk bonds after 7 years and received a great response.

“The government has issued the sukuk bonds on the demand of Islamic Banks and got $2.3 billion offers in this regard,” the minister added.

The finance minister said that the release of sukuk bonds and sale of OGDCL shares were delayed due to sit-ins by the PTI and the PAT.

Dar stated that the government is focusing on education and health sectors while elimination of terrorism and ensuring merit and transparency in all departments is also its top priority.

The minister also said that the government would pay arrears of newspaper owners soon after it would receive the summary from the information ministry.

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Shuaib Bhat

Dec 07, 2014 05:29pm

Without Imran Khan's dharna and agitation we could've gotten even better results.

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Ajamal

Dec 07, 2014 05:31pm

Mr. Dar, kindly advise what structural changes have you made to improve fiscal condition? You have borrowed money to improve reserves while international oil prices have also helped, but exports remain stagnant which should be an issue for the government.

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Dr Carla

Dec 07, 2014 06:16pm

How much of that is aid ? How long you keep Pakistanis in dark ?

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Mamata_Begam

Dec 07, 2014 06:17pm

How by taking another loan?

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Ali Zafar

Dec 07, 2014 06:18pm

And we're still begging for billions from the international community. Why? Specially when we have billions in reserve?

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Faisal

Dec 07, 2014 06:18pm

You can add couple of more billion dollars if you can get rid of smuggling done through afghan transit trade loophole.

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Sanjay

Dec 07, 2014 06:23pm

Congratulations. 15 billion....wow !!

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khan

Dec 07, 2014 06:41pm

increase in foreign exchange reserves with help of borrowed money! what great achievement.

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Mahesh

Dec 07, 2014 06:47pm

Foreign exchange reserves by country 1) China - $4 trillion 2) Japan - $1.2 trillion 3) Saudi Arabia - $744 billion 4) Switzerland - $523 billion 5) Taiwan - $425 billion 6) Russia - $418 billion 7) Brazil - $375 billion 8) South Korea - $364 billion 9) India - $313 billion 10) Singapore - $266 billion Pakistan is not even in the Top 50. For a country of 200 million $15 billion is pocket change. Even big MNC's like Apple and Google has that amount in their banks or for that matter billionaires.

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remo

Dec 07, 2014 07:27pm

15 billion? thats peanuts that's only 2 billion more than September 2014 figures. Pakistan should be crossing the 80-100 billion mark then you can score points on your achievements. Look at Vietnam, Bangla Desh,

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Zak

Dec 07, 2014 07:31pm

Pakistan should have cash reserves touching $ 50 billion, where has it all gone, Mr PM.

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Akhtar

Dec 07, 2014 07:45pm

Pakistan has great potential if led by good governance. !5 billion is nothing. Pakistan needs to achieve reserves of 200 billion. This is achievable with good policies. Government needs to focus on education ,exports, power management, eradicate corruption from top to bottom, eliminate and expose sources of terrorism (external and internal).

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anees zaidvi

Dec 07, 2014 08:08pm

Which ones? Pakistan's? Or Sharif's?

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Shahid Malik

Dec 07, 2014 08:24pm

The fall in international oil prices has provided a golden opportunity for PMLN to revive economy of Pakistan and they should fully focus on their agenda without getting distracted by their critics

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citizen

Dec 07, 2014 08:52pm

Looks like one more parcel of special gift from a friendly arabic country is on the way...Dhar is a great genius..

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Expat (usa)

Dec 07, 2014 09:00pm

Country living on life line thrown by IMF , remittance by expats, what is Dar trying to tell us ? Over 60% members of National Assembly do n't pay tax , PM ,ex president have assets out side the country beyond the reach of taxation. So Mr. Dar explain it to the nation.

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Merc

Dec 08, 2014 12:51am

We don't believe any statement by any minister of PML-N. They have lost their credibility through their previous statements.

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kirther

Dec 08, 2014 01:46am

Export and other income has not increased but the foreign exchange reserve has expanded because of heavy borrowing pledging the future with no prospects of growth and development. Pakistani's must become more serious and should take effective action decisive action wrong policies of PML-N government.

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Shah.

Dec 08, 2014 01:55am

In Musharraf's days our FER stood at 16 billion while India's was 73 billion USD. Today India's FER stands at 316 billion USD, Bangladesh at 22 billion USD and Pakistan's is struggling reaching 15 again (and that too after Dar has taken up heavy loans). Our civilian leadership (or the lack of it) has failed us yet again.

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Indian

Dec 08, 2014 06:44am

//16.4 per cent increase in tax collection// How does tax collection added to the foreign reserves?? Does Pakistanis pay taxes in $?

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Sameer

Dec 08, 2014 06:45am

I don't understand how in a country chock full of commerce graduates people can be so ignorant of economics. The nominal amount of forex reserves does not matter. Forex reserves are measured relative to the import bill and what matters is how many weeks or months of import cover we have. Secondly, these numbers reported here include foreign currency held by commercial banks. Nowhere in the world are the dollars owned by private individuals counted in official forex reserves. Even the IMF doesn't count them.

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Indian

Dec 08, 2014 06:45am

Bill gates or Mukesh Ambani or Azeem Premji as a matetr of fact so many individuals are richer than state of Pakistan, WOW!!!

Recommend 0

Jollyjoe

Dec 08, 2014 07:23am

13.7 percent increase on account of remittances made by overseas pakistanis. Now compare this with 16.4 percent generated through taxes collected in Pakistan - population 180 million.

Recommend 0

bloggervat

Dec 08, 2014 07:25am

@Mahesh : Mukesh Ambani's personal wealth is more than that $15 billion

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A. Mangal

Dec 08, 2014 11:26am

Must I remind Mr Dar that after Mr Sharif left Pakistsn bankrupt, Pervaiz Musharraf not only brought country from red to black but also left more than $15 billion surplus into treasury, paid off IMF loan, and did not float bond to create foreign exchange that you boasted after borrowing from public! Besides Dawn reported only yesterday on the state of the union about economy stating only around 4% growth is expected yet sluggish economy with shortage of power still remain an issue with your government inclusive of Zardari's useless rule who threw every infrastructure of the country into drain! Blame on Imran and Musharraf but I don't see any light at the end of the dark tunnel after even after 3rd attempt to rule the country by Mr Nawaz administration. I must also admit only feudals prosper in your Raj along with dishonest politicians!

Recommend 0

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