Finance Minister Ishaq Dar announced on Wednesday that the United Arab Emirates (UAE) had deposited $1 billion to the State Bank of Pakistan (SBP).
The finance minister stated that this inflow has increased the central bank’s forex reserves, which will be reflected in the forex reserves position for the week ending July 14, 2023.
State Bank of Pakistan (SBP) has received today a deposit of $1 billion from United Arab Emirates. This inflow has further increased forex reserves held by SBP and will accordingly be reflected in the forex reserves position for the week ending 14July2023.
— Ishaq Dar (@MIshaqDar50) July 12, 2023
“On behalf of Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) General Asim Munir, myself, and the people of Pakistan, I express our heartfelt gratitude to the leadership of the United Arab Emirates for their great gesture and support by depositing said $1 billion with the State Bank of Pakistan,” the minister continued.
The country’s overall liquid foreign currency reserves, which include net reserves held by banks other than the SBP, will reportedly reach a level of $14 to $15 billion in the upcoming weeks, according to the finance minister.
The UAE President was thanked for the $1 billion deposit in a tweet by Prime Minister Shehbaz Sharif as well.
“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”
The premier continued, “We deeply acknowledge this kind act and consider it essential to our efforts to stabilize the economy.”
It is important to note that on Tuesday, the State Bank of Pakistan (SBP) received a $2 billion deposit from the Kingdom of Saudi Arabia (KSA). With today’s inflow, Pakistan has now received $3 billion in foreign financing from Saudi Arabia and the United Arab Emirates in the previous 48 hours.
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