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‘Property of citizens’ – Pakistan finance chief denies reports of confiscating commercial banks’ dollars

05:23 PM | 11 Jan, 2023
‘Property of citizens’ – Pakistan finance chief denies reports of confiscating commercial banks’ dollars
Source: File Photo

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.

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.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 25 Feb 2024 forex rates

Pakistani rupee remains stable against US dollar in the open market on February 25, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 25 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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