UAE Deposits $1 Billion in State Bank of Pakistan(SBP)

Finance Minister Ishaq Dar announced that the United Arab Emirates (UAE) has made a significant deposit of $1 billion in the State Bank of Pakistan (SBP). This deposit will strengthen the country’s foreign exchange reserves, resulting in a positive impact on the forex reserves position.

Increased Forex Reserves and Acknowledgments

The finance minister emphasized that the deposit from UAE has contributed to the rise in the forex reserves held by the central bank. This increase will be reflected in the forex reserves position for the week ending July 14, 2023. Expressing gratitude on behalf of Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) General Asim Munir, and the people of Pakistan, the finance minister conveyed heartfelt thanks to the leadership of the UAE for their generous support and the $1 billion deposit made to the State Bank of Pakistan.

Positive Outlook for Foreign Currency Reserves

The finance minister further disclosed that the overall liquid foreign currency reserves, including reserves held by banks other than the SBP, are projected to reach $14 to $15 billion in the upcoming weeks. This expected growth in reserves will provide a more stable foundation for the country’s economy.

Acknowledgment from Prime Minister Shehbaz Sharif

Prime Minister Shehbaz Sharif took to Twitter to express his gratitude to the UAE President for the $1 billion deposit. He acknowledged this significant gesture as critical to their efforts in stabilizing the economy.

Grateful to my dear brother, H.H. Mohamed Bin Zayed, President of the UAE, for the deposit of $1 billion with the State Bank of Pakistan. As a time-tested friend & brotherly country, the UAE has always come forward to support Pakistan. We deeply acknowledge this kind gesture &…
— Shehbaz Sharif (@CMShehbaz) July 12, 2023