Foreign currency deposits decrease $46m in Jan

February 17, 2025 (MLN): Foreign currency deposits fell $46m or 0.68% to $6.7 billion as of January 2025 compared to last month, the latest data released by the State Bank of Pakistan showed.

While on a year-on-year basis, deposits rose by $347m or 5.46%.

According to the data, foreign currency deposits by residents stood at $5.86bn during the month under review which was 0.87% lower as the deposits reported in the previous month stood at $5.91bn.

While compared to the same month of last year, it rose by 5.88% compared to deposits of $5.53bn.

As these deposits help to finance large fiscal and external current account deficits, during the month $902 million was utilized to finance the country's exports whereas, $1.62bn was utilized for import financing.

Further, $1.08bn was placed with SBP, while $44m and $486m were placed within Pakistani banks and outside Pakistan respectively.

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