Foreign currency deposits increase $55m in Sep

MG News | October 16, 2024 at 09:39 AM GMT+05:00

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October 16, 2024 (MLN): Foreign currency deposits rose $55m or 0.83% to $6.69 billion as of September 2024 comapred to last month, latest data released by the State Bank of Pakistan showed.

While on a year-on-year basis, deposits rose by $303m or 4.75%.

According to the data, foreign currency deposits by residents stood at $5.84bn during the month under review which was 1.05% higher as the deposits reported in the previous month stood at $5.78bn.

While compared to same month of last year, it rose by 4.15% compared to deposits of $5.6bn.

As these deposits help to finance large fiscal and external current account deficits, during the month $647 million was utilized to finance the country's exports whereas, $1.38bn was utilized for import financing.

Further, $1.06bn was placed with SBP, while $84m and $393m were placed within Pakistani banks and outside Pakistan respectively.

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