ISLAMABAD: Experts here on Thursday welcomed the rise in Pakistan's liquid foreign reserves to $17.609 billion, an all time high in the history of the country and expressed the hope that this would give positive signals to investors about the country's economy and its improvement.
It may be mentioned here that Pakistan's liquid foreign reserves jumped by $239 million to the highest ever total of $17.609 billion on March 12.
According to federal Bureau of Statistics Pakistan's exports grew by 24.64 percent to $15.33 billion during July-February 2011 over corresponding period of the last fiscal year.
Welcoming the swelling in Pakistan's forex reserves to 17.609 billion, former Advisor to Finance Ministry and a financial expert Saqib Sherani attributed the growth in foreign exchange reserves to rising home remittances and export receipts.
He said that Government and the State Bank of Pakistan (SBP) launched Pakistan Remittances Initiative (PRI) to boost the flow of remittances which also helped increase the remittances and foreign exchange reserves of the country.
He also attributed the rise in the reserves of the country to the high growth in the export regime.
He expressed the hope that if this trend continues then exports would cross $24 billion during current financial year.
Saqib Sherani said that rise in the foreign exchange reserves would boost national economy, build confidence of investors on Pakistan's economy and generate economic activities for the prosperity of the country.
President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Senator Haji Ghulam Ali also appreciated the increase in the Foreign Exchange Reserves and hoped this would act as a boost towards the national economy and prosperity of the country.
He called for taking the business community into confidence to boost the exports of the country.
He urged the government to maintain zero rate facility for the export oriented industries for further boosting the exports for the prosperity of the country.
"The increase in the foreign exchange reserves is a good omen for the country and its economy and FPCCI welcomes it", he remarked.
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