Pakistan forex reserves cross $20 billion mark: SBP Governor

KARACHI: Governor State Bank Ashraf Mahmood Wathra today said that foreign exchange reserves have crossed the limit of 20 billion dollars.

Addressing a ceremony at Pakistan Stock Exchange (PSX) in Karachi, he said that economic growth witnessed significant increase in the country during past two years.

He said budget deficit is in control and praised the role of Pakistan Stock Exchange in economic growth of the country.

Wasthra said that there is no threat to Pakistan’s economy now as the situation has significantly improved in the last two years.

He said that there is visible reduction in inflation rate due to SBP’s positive steps.

It may be mentioned here that remittances from Pakistanis abroad rose 6.07 percent to $12.714 billion in the first eight months of the 2015/16 fiscal year, from $11.986 billion during the same period last year.

The fiscal year runs from July to June.

At present, the Pakistan economy is benefiting from the drop in global oil prices, its biggest import. The central bank has also been cutting interest rates while its IMF programme is clamping down on corruption.

GDP growth is also expected to be 5.5 percent for the year to June 2016.

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