Foreign currency deposits increase 0.73% MoM in February

March 14, 2024 (MLN): Foreign currency deposits during the month of February 2024 stood at $6.4 billion, depicting an increase of 0.73% MoM, shows recently released SBP data on foreign currency deposits and its utilizations.

While on a year-on-year basis, it rose by 2.89% YoY.

According to the data, foreign currency deposits by residents stood at $5.57bn during the month under review which was 0.62% MoM higher as the deposits reported in the previous month stood at $5.53bn.

While compared to same month of last year, it rose by 1.88% YoY compared to deposits of $5.46bn.

As these deposits help to finance large fiscal and external current account deficits, during the month $447 million was utilized to finance the country's exports whereas, $1.46bn was utilized for import financing.

Further, $1.01bn was placed with SBP, while $86m and $777m were placed within Pakistani banks and outside Pakistan respectively.

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