Finance Minister Ishaq Dar stated on Wednesday that the United Arab Emirates (UAE) had placed $1 billion in the State Bank of Pakistan (SBP).
The finance minister stated that this influx has enhanced the central bank’s currency reserves, which would be reflected in the FX reserves situation for the week ending July 14, 2023.
“On behalf of Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) General Asim Munir, myself, and the people of Pakistan, I extend sincere appreciation to the leadership of the UAE for their great signal and support through the said deposit of $1 billion with SBP,” the minister added.
The finance minister stated that the country’s total liquid foreign currency reserves, including net deposits held by banks other than the SBP, will exceed $14 to $15 billion in the upcoming weeks.
“We deeply appreciate this kind gesture and regard it as important for our efforts to stabilize the economy,” the premier stated.
It is worth noting that the Kingdom of Saudi Arabia (KSA) deposited $2 billion in the State Bank of Pakistan’s (SBP) account on Tuesday. With today’s influx, Pakistan has received $3 billion in foreign finance in the previous 48 hours from Saudi Arabia and the United Arab Emirates.
