Forex reserves to increase to US$ 14bln by June: Governor SBP

KARACHI: Governor State Bank of Pakistan (SBP) on Monday said that the foreign exchange reserves will increase to 14 billion US dollars by the June this year.

Addressing at the Pakistan Stock Exchange (PSX) the central bank’s Governor Jameel Ahmed said that record 38 billion US$ remittances will be available by this June.

“During nine months of the current financial year remittances have increased by 33 per cent,” SBP chief said.

He said that the current and external accounts are expected to improve. The SBP governor said that a downward trend being recorded in the price hike.

Pakistan’s Finance Minister Muhammad Aurangzeb on Saturday said that the benefit of decreasing inflation not being transferred to general public.

Talking to media he said that the government is working over it and regularly monitoring prices of pulses, sugar and other essential items. “We want to extend benefit to common man”.

Federal minister said that it is necessary to reset our direction for the sake of the economic stability.

He said the tax to GDP ratio is required to be increased to 13.5% for the betterment of the economy.

Federal minister said he knows well the issue of taxes on the salaried class. “We are going to simplify the FBR form for the salaried class. They will fill this form even with their mobile phones,” finance minister said.