Pakistan forex reserves fall to $7.994 billion

[karan.1970]

Pakistan forex reserves fall to $7.994 billion - DAWN.COM

KARACHI: Pakistan's foreign exchange reserves dropped to $7.994 billion in the week ending January 24 compared to $8.168 billion in the previous week, the central bank said.

Remittances from Pakistanis abroad rose 9.46 per cent to $7.8 billion in the July-December first half the 2013/14 fiscal year, from $7.11 billion in the same period last year.

The fiscal year runs from July to June.

 

[acid rain]

Pakistan forex reserves fall to $7.994 billion - DAWN.COM

KARACHI: Pakistan's foreign exchange reserves dropped to $7.994 billion in the week ending January 24 compared to $8.168 billion in the previous week, the central bank said.

Remittances from Pakistanis abroad rose 9.46 per cent to $7.8 billion in the July-December first half the 2013/14 fiscal year, from $7.11 billion in the same period last year.

The fiscal year runs from July to June.

4 Billion out of that is state bank deposits - still nothing much to worry about till April because there's one more new 1.5 billion IMF bailout that GOP has secured..not counting the funds that US may sponsor post the "strategic dialogue aka handouts".

 

[farhan_9909]

Meanwhile Dar is claiming that he will take them to 16billion dollars by 2014 end,not sure how

 

[Jungibaaz]

Meanwhile Dar is claiming that he will take them to 16billion dollars by 2014 end,not sure how

Lies, damned lies and statistics.

Expect them to continue falling for a while, and recovery will take a long time when we start seeing it.

 

[CrazyPaki]

sadly if there is one minister that is completely useless in this government it's Dar

 

[AhsanAmin]

One of the most important things government has to do, before forex reserves could increase, is to bolster confidence in the currency of our country, and make its outlook stable and positive, by increasing exports, attracting investment from abroad and repatriating our assets in foreign countries. A falling exchange rate means that value of our country's assets relative to most assets in rest of the world is decreasing which means that people will like to invest abroad to take advantage of increasing value of foreign assets and that money could be repatriated later at a more favorable exchange rate. And an appreciating exchange rate makes it attractive for Pakistanis abroad, foreigners, or Pakistani money abroad to invest in our assets anticipating their value will, in general, increase faster relative to assets held abroad.

High exchange rate, on the other hand, decreases the competitiveness of exports from our country, but increases inflation especially when imported fuel/energy resources are used to run our economy, and this high energy cost also effects the competitiveness of exports.

A forever declining exchange rate like we have seen in Pakistan means that, barring extraordinary circumstances, there will be little foreign investment or flow of assets from abroad into our country and domestic money will continue to find its natural way out of the country into foreign assets. This is also probably relevant to many other third world countries.

 

[Pakistanisage]

sadly if there is one minister that is completely useless in this government it's Dar

Because he is Nawaz Sharif's SUMDHI, his only qualification......

 

[CrazyPaki]

Because he is Nawaz Sharif's SUMDHI, his only qualification......

because of this i see NS pretty much hanging him self. Although i have my reservations about Nisar he is a very capable man but, he has a hard time getting along with some of the other ministers. Now considering the situation i see Nisar quitting the government after it has failed to deliver with in the next 1 year or so.

 

[Jazzbot]

So this is economic blast PMLN govt is bragging about?