KARACHI (June 03 2008): The State Bank of Pakistan on Monday categorically denied a report, published in a section of the press, that the gold reserves held by the State Bank had declined to its lowest level during last two years. A State Bank spokesman described the report as incorrect, malicious and fabricated. He said the factual position is that the gold reserves "have marginally increased" during last few years.

As per SBP's Annual Audited Accounts as on June 30, 2005, the gold reserves held by the SBP were 2,046,910 troy ounces (63.7 metric tons), which further increased by 1 percent, to 2,066,514 troy ounces (64.3 metric tons) as on June 30, 2007.

He said that the SBP regularly publishes the volume of gold reserve on monthly basis on its website and also annually in its financial statements,and added that the figures of gold reserves can be accessed at http://www.sbp.org.pk/reports/annual/index.htm.

Copyright Business Recorder, 2008