Foreign currency deposits remain stable at $6.5bn in May

June 26, 2024 (MLN): Foreign currency deposits during the month of May 2024 stood at $6.53 billion, largely unchanged from the previous month, shows recently released SBP data on foreign currency deposits and its utilizations.

While on a year-on-year basis, it rose by 3.38% YoY.

According to the data, foreign currency deposits by residents stood at $5.64bn during the month under review which was 0.92% MoM lower as the deposits reported in the previous month stood at $5.69bn.

While compared to same month of last year, it rose by 1.55% YoY compared to deposits of $5.56bn.

As these deposits help to finance large fiscal and external current account deficits, during the month $518 million was utilized to finance the country's exports whereas, $1.47bn was utilized for import financing.

Further, $1.05bn was placed with SBP, while $96m and $485m were placed within Pakistani banks and outside Pakistan respectively.

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