ISLAMABAD – Finance Minister Ishaq Dar on Wednesday rejected rumours that the government was considering a move to take over the dollars held with the commercial banks amid depleting foreign exchange reserves.
The rumours about confiscation of the dollars started emerging after the finance czar said that the total foreign exchange reserves held by Pakistan stood at $10 billion and not $4 billion as $6 billion held by commercial banks also belong to the country.
Taking to Twitter, Dar clarified that national foreign exchange reserves always include forex held with the State Bank of Pakistan (SBP) and commercial banks.
“Recently I quoted the forex reserves figure based on this principle. Some vested elements who ruined this country’s economy in the past, gave it a deliberate twist and started a campaign as if Govt was considering an access to foreign exchange held with Commercial Banks which indeed is the property of the citizens,” he wrote.
as if Govt was considering an access to foreign exchange held with Commercial Banks which indeed is the property of the citizens. It is categorically denied and clarified that there is no such move under consideration of the Govt. Therefore said misconstrued, misinterpreted and
— Ishaq Dar (@MIshaqDar50) January 11, 2023
The finance chief categorically denied the claims and clarified that “there is no such move under consideration of the Govt”. He asked people to ignore such “misconstrued, misinterpreted and malafide” propaganda.
Ishaq Dar said Pakistan was moving towards improvement and its forex reserves would strengthen in the near future.
Pakistani rupee inches up against US dollar in the open market on 28 March, 2024.
In the open market, the US dollar was being quoted at 278.4 for buying and 281.4 for selling.
Euro moves down to 299.75 for buying and 302.75 for selling while British Pound hovers around 353.75 for buying, and 357.25 for selling.
UAE Dirham AED remains stable at 75.55 whereas the Saudi Riyal saw minor increase, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 278.4 | 281.4 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.7 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.45 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.30 | 40.70 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724.36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.78 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
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