LAHORE: Pakistan’s foreign exchange reserves have improved substantially during the past three years, which is an important economic indicator, said speakers at a seminar here on Tuesday.
However, more efficient mechanism and prudent economic policies are required to support the country’s economy, they added.
The seminar, titled Strengthening Foreign Exchange Reserves and Providing Lucrative Invectives, was organised at the Lahore Chamber of Commerce & Industry (LCCI) here on Tuesday.
LCCI Senior Vice President Amjad Ali Jawa, Vice President Muhammad Nasir Hameed Khan, CEO/Director of LSE Financial Services Ltd Asif Baig Mirza and Convener of the LCCI Standing Committee on Foreign Investment & Privatisation Mian Muhammad Nawaz were prominent among the experts attending the seminar.
LCCI senior vice-president said that Pakistan’s foreign exchange reserves had reached the historic heights level of $24 billion in October 2016.
He said that overseas Pakistanis sent home a record amount of about $20 billion during 2015-16. They remitted $19.9 billion during the year, which showed growth of 6.38 per cent, compared with $18.719 billion received during fiscal year 2014-15.
He said that incentives should be given to Pakistanis working abroad to encourage them to use only banking channel for remittances.
LCCI Vice-President Muhammad Nasir Hameed said that hitches should be removed which were hampering the smooth running of businesses in general and promotion of foreign direct investment in particular.
CEO/Director of LSE Financial Services Ltd Asif Baig Mirza said that State Bank of Pakistan should allow reduced interest rate for the foreign investors, on the part of their Pak-Rupee borrowing, for making investment in prioritised areas.
