Foreign currency deposits witnessed slight increase of $55 million, or 0.83 per cent, reaching $6.69 billion as of September 2024, according to the latest data released by the State Bank of Pakistan.
On an annual basis, deposits surged by $303 million, showing a 4.75 per cent rise.
The data shows that resident foreign currency deposits stood at $5.84 billion during the month under review, marking a 1.05 per cent increase from the previous month’s total of $5.78 billion. Compared to the same period last year, the rise was 4.15 per cent, up from deposits of $5.6 billion.
For those unaware, these deposits play a crucial role in financing Pakistan’s fiscal and external current account deficits. In September 2024, $647 million was utilised to support the country’s exports, while $1.38 billion went towards import financing.
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Furthermore, $1.06 billion was placed with the SBP, with $84 million and $393 million held within Pakistani banks and abroad, respectively.
