ISLAMABAD: The Ministry of Finance has dismissed as misleading a news appeared in a section of the press on January 6 that Pakistan’s foreign exchange reserves were at the lowest level in the recent history.
“Any argument regarding foreign exchange reserves position cannot be grounded merely on net reserves’ position,” a Finance Ministry statement issued here Monday said.
The statement said,”Instruments such as forward swaps and balance of payment support are used by central banks and governments all over the world to strengthen their foreign exchange reserves position.
“The truth is that at present the reserves with State Bank of Pakistan are standing at US $7.1 billion (as on 3rd January 2019), whereas the SBP reserves were as low as US $2.8 billion on February, 07, 2014.”
The government, it added, had arranged enhanced flows for balance of payments support on bilateral and multilateral basis, which would further strengthen the foreign exchange reserves position.—APP