UAE rolls over loans worth $2bn for another year

January 17, 2024 (MLN): The United Arab Emirates (UAE) has confirmed the rollover of its two deposits of $1 billion each placed with the State Bank of Pakistan for another year which were maturing in January 2024.

This $2bn amount comprises two loans worth $1bn each which were maturing in January 2024.

UAE has confirmed rollover of its two deposits of US$1.0 billion each placed with State Bank of Pakistan for another one year which were maturing in January 2024.#SBP

— SBP (@StateBank_Pak) January 17, 2024

To note, the UAE currently holds a total deposit of $3bn with the SBP.

On January 09, Pakistan approached the UAE to request an extension of the maturity date for this $2bn loan.

At present, the foreign exchange reserves held by the central bank stand at about $8.15bn.

The SBP has also received the second installment of SDR 528 million, equivalent to $705.6m from the International Monetary Fund (IMF).

This disbursement will be reflected in SBP reserves for the week ending on January 19, 2024.

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