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Foreign exchange reserves will cross $16 billion by the end of 2014, says Dar

ISLAMABAD: Federal Finance Minister Ishaq Dar pledged on Wednesday that foreign exchange reserves will cross and the limit of $16 billion by the end of current year, ARY News reported.

According to the statement issued by Ministry of Finance, Ishaq Dar during his meeting with a delegation of Dubai Islamic Bank (DIB) expressed government’s commitment to increase the foreign exchange reserves to $10 billion by March while it will reach $16 billion by the end of current year.

The Minister said several international financial institutions and banks were thinking to start operation in Pakistan, which is the proof of their confidence on the government.

He expressed hope that DIB will work for the promotion of Islamic banking in the country and for the purpose it had recently constituted a steering committee.

During the meeting issuance of Islamic bonds and provision of Islamic trade facility to Pakistan also came under discussion.

Four-member delegation of DIB was headed by DIB’s Chief Executive Officer Junaid Ahmad. 

Chairman Privatization Mohammad Zubair, Advisor to Finance Division Rana Asad Amin, Secretary Finance Dr. Waqar Masood, Deputy Governor State Bank Ashraf Wathra were also present during the meeting.

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