ISLAMABAD: Pakistan’s foreign exchange reserves currently stand at $13 billion and they will cross $15 billion in July this year, the federal minister for finance Ishaq Dar said on Thursday while apprising the National Assembly about the latest economic indicators.
The finance minister said that major increase has been witnessed in the reserves of the State Bank of Pakistan which are now over around $8 billion.
The minister said that revenues of the Federal Board of Revenue (FBR) have witnessed a growth of 15.6 percent during the first 10 months of the current financial year. He said that Rs 1,745 billion have been collected against Rs 1,509 billion during corresponding period of last year.
Dr said that that budget deficit stands at four percent against 5.5 percent of the corresponding period last year.
Ishaq Dar said that home remittances have also witnessed a growth of 11.4 percent. He said that $1,289 billion have been received so far under the head of home remittances as against $11.57 billion received against the corresponding period last year.
Furthermore, he said that exports have risen to $19.11 billion showing a growth a growth of 6.1 percent.
The finance minister said that the trade deficit has also been reduced significantly in the first nine months of current financial year. In the first nine months the paid deficit remained $13.93 billion against $14.74 billion during the corresponding year.
On inflation level, the finance minister said that it has been brought down to single digit and is currently stands at 8.6 percent.
The minister said that the international community is also recognizing that the country’s growth is witnessing an upward trend while inflation is on the decline. He said that the GDP growth rate is expected to be four percent during the current financial year while it will be enhanced to five percent in the next year.
