ISLAMABAD: The Ministry of Finance on Monday dismissed as ‘misleading’ the claim appearing in a section of the press on Sunday that Pakistan’s international reserves are at the lowest point ever in recent history.
“Any argument regarding international reserves position cannot be grounded merely on ‘net international reserves’ position. Instruments such as forward swaps and balance of payment support are used by central banks and governments all over the world to strengthen their international reserves position,” the ministry stated in a notification. “The truth is that at present, the central bank’s reserves are standing at $7.1 billion (as on 3rd January 2019), whereas SBP reserves were as low as $2.8 billion on 7th February 2014.”
The government has arranged enhanced flows for balance of payments support on bilateral and multilateral basis, which would further strengthen the country’s international reserves position, it concluded.