UAE extends $2bn deposits with SBP for another year

MG News | January 16, 2025 at 09:13 PM GMT+05:00

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January 16, 2025 (MLN): In a significant development, the United Arab Emirates (UAE) has confirmed the rollover of two deposits, each worth $1 billion, placed with the State Bank of Pakistan (SBP).

Initially set to mature in January 2025, these deposits will now be extended for an additional year.

This development will provide a significant financial cushion to Pakistan's economy.

Moreover, it will also bolster the country's foreign exchange reserves and support macroeconomic stability amidst ongoing fiscal challenges.

The rollover came as part of the UAE's consistent support for Pakistan during its economic recovery phase.

The move will also aid Pakistan in maintaining confidence among international lenders and investors, ensuring liquidity to meet its external obligations while navigating economic reforms under the International Monetary Fund (IMF) program.

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