Foreign currency deposits decrease $105m in Oct

November 16, 2024 (MLN): Foreign currency deposits fell $105 million or 1.58% to $6.58 billion as of October 2024 comapred to last month, latest data released by the State Bank of Pakistan showed.

While on a year-on-year basis, deposits rose by $274m or 4.35%.

According to the data, foreign currency deposits by residents stood at $5.72bn during the month under review which was 2.02% lower as the deposits reported in the previous month stood at $5.84bn.

While compared to same month of last year, it rose by 3.55% compared to deposits of $5.52bn.

As these deposits help to finance large fiscal and external current account deficits, during the month $830m was utilized to finance the country's exports whereas, $1.49bn was utilized for import financing.

Further, $1.05bn was placed with SBP, while $77m and $325m were placed within Pakistani banks and outside Pakistan respectively.

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