Dar trashes rumours govt seizing commercial banks' dollars.

ISLAMABAD -- Federal Minister for Finance and Revenue Ishaq Dar Wednesday 'categorically denied' rumours that the government was considering access to foreign exchange held with commercial banks, clarifying that there was no such move under consideration.

'National foreign exchange reserves always include forex held with [the State Bank of Pakistan] SBP and commercial banks,' he wrote, recalling that recently, he quoted the forex reserves figure based on this principle.

The statement comes days after the finance czar had said Pakistan's foreign exchange reserves stand at $10 billion and not $4 billion, as $6 billion held by commercial banks also belong to the country.

The comment triggered mass hysteria among the depositors who felt that there could be a repeat of 1999 when the government confiscated dollars held by private banks.

The finance minister, without naming the Pakistan Tehreek-e-Insaf (PTI), accused the party of ruining the country's economy in the past, adding that some 'vested elements' gave his comments a deliberate twist and started a campaign as if the government was considering access to foreign exchange held with commercial banks.

Dar maintained that the...