Foreign currency deposits inch down by 0.5% MoM in January

February 15, 2024 (MLN): Foreign currency deposits during the month of January 2024 stood at $6.35 billion, depicting a decrease of 0.48% MoM, shows recently released SBP data on foreign currency deposits and its utilizations.

While on a year-on-year basis, it fell by 0.5% YoY.

According to the data, foreign currency deposits by residents stood at $5.53bn during the month under review which was 0.66% MoM lower as the deposits reported in the previous month stood at $5.57bn.

While compared to same month of last year, it fell by 1.28% YoY compared to deposits of $5.6bn.

As these deposits help to finance large fiscal and external current account deficits, during the month $481 million was utilized to finance the country's exports whereas, $1.44bn was utilized for import financing.

Further, $1.01bn was placed with SBP, while $80m and $510m were placed within Pakistani banks and outside Pakistan respectively.

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