Quantcast
Wednesday , August 23 2017
Breaking News
Home / Business / $15 billion foreign reserves by end of Dec 31, claims Dar
$15 billion foreign reserves by end of Dec 31, claims Dar

$15 billion foreign reserves by end of Dec 31, claims Dar

ISLAMABAD: Finance Minister Ishaq Dar has said that foreign currency reserves will be increased up to $15 billion till December 31 this year through selling Sukuk bonds worth $500 million as IMF has also nodded to give $1.1 billion installment.

Ishaq Dar, while talking to media, said that the government would first hold roadshows and then float sukuk in the Middle East and Europe between November 21 and 24.

The federal minister said that due to the prolonged sit-ins by the Pakistan Tehreek-e-Insaf and Pakistan Awami Tehreek, the investors did not invest in OGDCL. However, he claimed to achieve $15 billion target till the end of this year. He said that the government would increase the size of Sukuk bond from $500 million to $1 billion after observing the investors’ interest.

Pakistan’s foreign currency reserves stood at $13.443 billion on October 31, 2014 including $8.618 billion reserves held by the State Bank of Pakistan and $4.825 billion reserves held by the commercial banks.