• Download the Constitution of Pakistan
  • Advertise
Sunday, July 27, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Business

Govt will not take over commercial banks’ dollars, clarifies Dar

by News Publishing
January 11, 2023
in Business, Finance
Reading Time: 3 mins read
0
Govt will not take over commercial banks’ dollars, clarifies Dar
Share on FacebookShare on TwitterLinkedinWhatsapp

Ishaq Dar, the finance minister, emphasized on Wednesday that the government will not take over foreign currency held by commercial banks, claiming that his earlier statement regarding the nation’s reserves had been misconstrued by some.

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

His comments come after he claimed in an interview a few days prior that Pakistan’s foreign exchange reserves, which the central bank estimates to be $5.6 billion as of December 30, 2022, are actually $10 billion, as “dollars held by commercial banks also belonged to the country.” The government could seize money from private banks, as it had done in 1998 when Dar was the finance minister, as a result of this comment, several people feared.

Dar claimed today, however, that his remark was “greatly misinterpreted” and “nothing of the such would happen.”

Dar explained at a press conference with Prime Minister Shehbaz Sharif and other federal cabinet members that before 1999, all foreign currency was placed with the State Bank of Pakistan (SBP), and private banks were not permitted to hold any foreign currency.

“In February 1999, when I was the finance minister, we devised a system whereby a substantial amount [of dollars] remain with [private] banks. It was on June 30, 1999 that reserves were broken down into three columns — those with the SBP, commercial banks, and total.

“Whenever Pakistan’s reserves are quoted anywhere in the world — a survey or a document — the [total figure] is quoted and then a breakdown is given. I gave a breakdown too,” he added.

The minister claimed that “certain people” were to blame for the country’s dire circumstances, which caused it to drop from the 24th to the 47th largest economy in 2016.

“Even now, they cannot accept any positive progress. They provided such a twist,” he said, adding that while the federal cabinet was working hard for Pakistan under the leadership of PM Shehbaz, such individuals were circulating stories about the government stealing money from banks.

Nothing like that will occur. Everything has been arranged and is in working order. Nothing to worry about, he said, urging those who were “spreading the rumors” to contribute to the good of the country.

Later, Dar tweeted about the reserves, stating that national foreign exchange reserves always include foreign currency held with 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 were considering 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,” he emphasized.

The finance minister said the country’s foreign exchange reserves would improve in the near future.

Tags: commercial banksDollarsforeign currencylatest
News Publishing

News Publishing

Related Posts

Pakistan, Russia sign Protocol to restore & modernize PSM

Pakistan, Russia sign Protocol to restore & modernize PSM

by News Publishing
July 11, 2025
0

Pakistan and Russia have signed a Protocol to restore and modernize Pakistan Steel Mills (PSM) in Karachi, reaffirming their long-standing...

PSX soars to new high of over 133,000 points in intraday trade

PSX soars to new high of over 133,000 points in intraday trade

by News Publishing
July 7, 2025
0

July 8, 2025: The Pakistan Stock Exchange (PSX) continued its remarkable upward trend on Monday, as the KSE-100 index surged...

Pakistan, Azerbaijan sign $2billion investment agreement

Pakistan, Azerbaijan sign $2billion investment agreement

by News Publishing
July 5, 2025
0

Pakistan and Azerbaijan have signed an agreement for investment worth two billion dollars in diverse sectors of Pakistan's economy. The...

Petrol price increased by Rs8.36 per litre for next fortnight

Petrol price increased by Rs8.36 per litre for next fortnight

by News Publishing
July 1, 2025
0

The Finance Division has announced a significant increase in fuel prices, citing volatility in global crude oil markets. Effective from...

Petrol increase

Petrol Prices Likely to Rise by Rs5/Litre from July 1

by Anum Arif
June 30, 2025
0

ISLAMABAD: Prices of petroleum products in Pakistan are likely to rise by up to Rs5 per litre starting Monday, July...

Govt Eyes $3.3 Billion in Foreign Loans From Chinese Banks

Govt Eyes $3.3 Billion in Foreign Loans From Chinese Banks

by News Publishing
June 24, 2025
0

The Government of Pakistan is working on securing two foreign loans totaling $3.3 billion from Chinese financial institutions, aimed at...

Next Post
Sui Gas Companies in process of laying 10,707km of pipelines

Sui Gas Companies in process of laying 10,707km of pipelines

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters