Government not considering access to commercial banks' forex: Dar.

ISLAMABAD -- Minister for Finance and Revenue Ishaq Dar on Wednesday said the government was not considering access to foreign exchange reserves held with the commercial banks which, he said, were the property of the citizens.

"I have already said that Pakistan's reserves are $10 billion. The figures I quoted were based on the principle that national foreign exchange reserves always include forex held with SBP and commercial banks", he said while replying to a question during a press conference held here along with Prime Minister Shehbaz Sharif.

He said earlier, every cent was transferred to the central banks' accounts, not to the commercial banks but in 1999, when he was finance minister, a system was devised under which a substantial amount was proposed to remain with the commercial banks.

So, he added, wherever the figures were quoted at the international level, a breakdown of the reserves was given.

Dar said some vested elements, who ruined the country's economy in the past, deliberately twisted the reserves situation and started a campaign as if the government was considering access to foreign exchange held with commercial banks.

"It is categorically denied and clarified that there is no such move under consideration of the government. Therefore, said misconstrued, misinterpreted and malafide propaganda should be ignored. Pakistan is moving towards improvement in its forex reserves position in the near future, InshaAllah!," he said.

With respect to the pledges made in the Resilient Pakistan Conference held in Geneva, the minister said the project loan financing announced by the World Bank, Asian Development Bank, Islamic Development Bank, and the Asian Infrastructure Bank had already crossed already $8 billion, while the $1...