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Dar says forex reserves rise to $3.4 bln, no plans to hike gas charges

Staff ReportISLAMABAD: Pakistan’s Finance Minister Ishaq Dar said on Friday foreign exchange reserves of the country have increased by $500 million during this week.Talking to media outside the Parliament House, Dar said that reserves held by State Bank of Pakistan have now increased to $3.40 billion.Pakistan’s foreign exchange reserves have been depleting fast since the...

SAMAA | - Posted: Dec 13, 2013 | Last Updated: 8 years ago
SAMAA |
Posted: Dec 13, 2013 | Last Updated: 8 years ago

Staff ReportISLAMABAD: Pakistan’s Finance Minister Ishaq Dar said on Friday foreign exchange reserves of the country have increased by $500 million during this week.Talking to media outside the Parliament House, Dar said that reserves held by State Bank of Pakistan have now increased to $3.40 billion.Pakistan’s foreign exchange reserves have been depleting fast since the start of 2013 when Islamabad started repaying its loans owed to the International Monetary Fund. Rupee has been under consistent pressure losing significant value against the US dollar in recent months due to eroding reserves.He dispelled media reports that the government is contemplating to hike gas charges for the domestic consumer.“This is part of disinformation campaign,” he said, adding the country is facing severe shortage of natural gas and that it is not being distributed to various sectors on the economy on equitable basis.Dar said that the government is saving up to Rs53 billion annually after removing subsidy on gas supplied to industries. – SAMAA

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