Foreign currency deposits increase 1.18% MoM in March

MG News | April 16, 2024 at 06:09 PM GMT+05:00

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April 16, 2024 (MLN): Foreign currency deposits during March 2024 stood at $6.47 billion, depicting an increase of 1.18% MoM, shows recently released SBP data on foreign currency deposits and its utilizations.

While on a year-on-year basis, it rose by 2.57% YoY.

According to the data, foreign currency deposits by residents stood at $5.64bn during the month under review which was 1.23% MoM higher as the deposits reported in the previous month stood at $5.57bn.

While compared to same month of last year, it rose by 1.44% YoY compared to deposits of $5.56bn.

As these deposits help to finance large fiscal and external current account deficits, during the month $441 million was utilized to finance the country's exports whereas, $1.31bn was utilized for import financing.

Further, $1.03bn was placed with SBP, while $91m and $822m were placed within Pakistani banks and outside Pakistan respectively.

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