Islamabad (Web Desk): Finance Minister Ishaq Dar on Wednesday categorically denied any of government's consideration to have an access to foreign exchange held with the commercial banks.
In a series of tweets, the minister said that the foreign exchange held with the commercial banks indeed is the property of the citizens and clarified that there is no such move under consideration of the government.
He said that national foreign exchange reserves always include forex held with the State Bank of Pakistan (SBP) and commercial banks.
The finance minister said he recently quoted the forex reserves figure based on this principle, but some vested elements that ruined this country's economy in the past, gave it a deliberate twist and started a campaign as if government is considering taking over the foreign exchange held with commercial banks.
He said earlier, every cent was transferred to the Central Banks’ accounts, not the the commercial banks but in 1999, when he was finance minister, a system was devised under which a substantial amount was proposed to remain with the commercial banks.
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
So, he said wherever the figures are quoted at the international level, breakdown of the reserves is given.
Dar added that misconstrued, misinterpreted and malafide, propaganda should be ignored. He said Pakistan is moving towards improvement in its forex reserves position in the near future.