Images Foreign Exchange Reserves

Foreign Exchange Reserves cross 15 Billion Dollar in July-14.

Told National Assembly

ISLAMABAD:
 Finance Minister Ishaq Dar told the National Assembly on Thursday that Pakistan’s foreign exchange reserves will cross $15 billion in July, while GDP growth rate is expected to touch 4 per cent during the current fiscal year.
Commenting about the latest economic indicators, Dar said that the GDP growth rate currently stands at 3.4 per cent while reserves are at $13 bn.
The finance minister said that inflation rate is at 8.6 per cent, which has been brought down to single-digit during the Pakistan Muslim League government.
“The international community and financial institutions are also recognizing that the country’s growth is witnessing an upward trend while inflation is on the decline as yet,” he said.
He said that tax collection had also recorded a growth of 15.6 per cent during the current year.
“The returns of Federal Board of Revenue (FBR) have witnessed a growth of 15.6 percent during the first ten months of the current financial year while the FBR has collected Rs1,745 billion as compared to Rs1,509 billion rupees collected during the same period last year,” he added.
The minister said that exports have risen to $19 billion – showing a growth of 6 per cent – while imports remained at $33 billion during the last nine months.
Dar claimed that remittances also witnessed a growth of 11.4 per cent, with $1,289 billion received so far under the head of remittances as against $1,157 billion received during the same period last year.