Foreign currency deposits rise $102m in June

July 18, 2024 (MLN): Foreign currency deposits rose $102m or 1.56% MoM to $6.63 billion as of June 2024, latest data released by the State Bank of Pakistan showed.

While on a year-on-year basis, deposits rose by $236m or 3.69%.

According to the data, foreign currency deposits by residents stood at $5.73bn during the month under review which was 1.65% MoM higher as the deposits reported in the previous month stood at $5.64bn.

While compared to same month of last year, it rose by 1.87% YoY compared to deposits of $5.63bn.

As these deposits help to finance large fiscal and external current account deficits, during the month $540 million was utilized to finance the country's exports whereas, $1.48bn was utilized for import financing.

Further, $1.05bn was placed with SBP, while $95m and $574m were placed within Pakistani banks and outside Pakistan respectively.

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