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Forex reserves stand at $1.7bn says Sher Afghan

ISLAMABAD: The Foreign Exchange reserves of the country are satisfactory which stand Dollars 1.7 billion on April 22.

The minister for Special Education, Sher Afghan Niazi, told the Senate that the comparative study of the fluctuations in the foreign exchange reserves during the present government show better position than the predecessor regime.

He was replying to the adjournment motion moved by Sartaj Aziz, who wanted to discuss the low level of foreign exchange reserves of the country. The motion was opposed by the treasury benches on the plea that the existing current reserves stand at the satisfactory level.

Dr sher Afghan, gave the figures of foreign exchange from April 94 to the present day. He said, the mover wants to misguide the people by such motions of concern. He reminded that when the mover was himself the finance minister of Nawaz Government the country was left with one weeks import bill.

Afghan said, the reserves keep on fluctuating but it never ebbed to the extent of concern. Sartaj Aziz, though agreed to the figure of dollars 1.7 billion in foreign exchange but at the same time contested that the level has been achieved through the sales of PTCL, amounting dollars 950 million and the window dressing (short time measures). The exports are stagnant and the imports are on rise, Aziz further contended. The Chairman asked the mover to move the motion under rule 194, of rules of procedure, for discussion.

Minister of State for Law and Justice Mian Raza Rabbani on Tuesday laid the following 12 Ordinances before the Senate.

These Ordinances are:

- The Pakistan Postal Services Corporation Ordinance, 1996

(XXVII of 2996);

- The Pakistan Electric Power Regulatory Authority Ordinance,

1996 (XXVIII of 1996);

- The Karachi Port Trust (Amendment) Ordinance, 1996 (XXIX of

1996)

- The National Mass Transit Authority Ordinance, 1996 (XXXI of

1996)

- The Heavy Industries Board Ordinance, 1996 (XXXII of 1996)

- The National University of Sciences and Technology

Ordinance, 1996 (XXXIII of 1996)

- The Cotton Standardization Ordinance, 1996 (XXXIV of 1996)

- The Registration of Printing Press and Publications

Ordinance, 1996 (XXXV of 1996)

- The Superior Courts (Court Dress and Mode of Address )

(Amendment) Ordinance, 1996 (XXXVI) of 1996).

- The Pakistan Arms (Amendment) Ordinance 1996 (XXXVIII of

1996).

- The Pakistan Institute of Medical Sciences Ordinance 1996

(XXXIX of 1996) and The Legal Reforms Ordinance 1996 (XL of 1996.-APP