UAE deposits $1bn in State Bank of Pakistan, boosting forex reserves

ISLAMABAD: Finance Minister Ishaq Dar announced that the United Arab Emirates (UAE) has deposited $1 billion into the State Bank of Pakistan (SBP). This deposit has increased the forex reserves held by the central bank and will be reflected in the forex reserves position for the week ending July 14, 2023.

In his statement, the finance minister expressed gratitude to the leadership of the UAE on behalf of Prime Minister Shehbaz Sharif, Chief of Army Staff General Asim Munir, himself, and the people of Pakistan. He also mentioned that the country's overall liquid foreign currency reserves, including reserves held by banks other than the SBP, will reach around $14 to $15 billion in the coming weeks.

Prime Minister Shehbaz Sharif also thanked the UAE President for the $1 billion deposit, considering it a critical contribution to stabilizing Pakistan's economy. It is worth noting that the Kingdom of Saudi Arabia (KSA) had deposited $2 billion into the SBP's account the day before. With the UAE's deposit, Pakistan has received a total of $3 billion in external financing from Saudi Arabia and the UAE within the past 48 hours.