ISLAMABAD: Federal Minister for Finance and Revenue Ishaq Dar “categorically denied” on Wednesday the government was planning to appropriate foreign currency reserves with commercial banks, saying the impression was created by those who were trying to weaken the national economy.
Dar said in a recent interview to a local news channel the country’s forex reserves were not just limited to what was held by the State Bank of Pakistan (SBP). He added that foreign currency with commercial banks also belonged to the country.
The finance minister maintained in a string of Twitter posts earlier in the day his statement was deliberately misconstrued.
“National foreign exchange reserves always include forex held with SBP and Commercial Banks,” he said. “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 [the government] 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 [government].”
The finance minister asked people to ignore the “propaganda” which followed his statement, adding: “Pakistan is moving towards improvement in its forex reserves position in the near future.”
Pakistan is currently going through a major economic crisis amid dwindling forex reserves and rapid depreciation of national currency.
The country is likely to get some external financing in the weeks ahead, as the international community has pledged money for rehabilitation activities in the wake of the recent floods.
