Foreign currency deposits decrease $50m in August

MG News | September 18, 2024 at 11:10 AM GMT+05:00

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September 18, 2024 (MLN): Foreign currency deposits fell $50 million or 0.75% to $6.63 billion as of August 2024 compared to a month earlier, latest data released by the State Bank of Pakistan showed.

While on a year-on-year basis, deposits rose by $177m or 2.74%.

According to the data, foreign currency deposits by residents remained largely unchanged at $5.78bn compared to the previous month.

While compared to the same month of last year, it rose by 2.03% against the deposits of $5.66bn.

As these deposits help to finance large fiscal and external current account deficits, during the month $581m was utilized to finance the country's exports whereas, $1.31bn was utilized for import financing.

Further, $1.01bn was placed with SBP, while $86m and $505m were placed within Pakistani banks and outside Pakistan respectively.

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