Foreign currency deposits increase $54m in July

August 16, 2024 (MLN): Foreign currency deposits rose $54m or 0.81% MoM to $6.68 billion as of July 2024, latest data released by the State Bank of Pakistan showed.

While on a year-on-year basis, deposits rose by $290m or 4.54%.

According to the data, foreign currency deposits by residents stood at $5.77bn during the month under review which was 0.75% MoM higher as the deposits reported in the previous month stood at $5.73bn.

While compared to same month of last year, it rose by 2.89% YoY compared to deposits of $5.61bn.

As these deposits help to finance large fiscal and external current account deficits, during the month $551 million was utilized to finance the country's exports whereas, $1.39bn was utilized for import financing.

Further, $1.05bn was placed with SBP, while $94m and $536m were placed within Pakistani banks and outside Pakistan respectively.

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