Pakistan Receives $1 Billion From UAE
Ishaq Dar, Pakistan’s finance minister, reported on Wednesday that the United Arab Emirates (UAE) has deposited $1 billion at the State Bank of Pakistan (SBP).
The central bank’s holdings of foreign exchange have increased as a result of this influx, according to the finance minister, and this will be reflected in the position of foreign exchange reserves for the week ending July 14, 2023.
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“On behalf of Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) General Asim Munir, myself, and the people of Pakistan, I extend our heartfelt thanks to the leadership of United Arab Emirates for their great gesture and support by placing said deposit of $1 billion with State Bank of Pakistan,” the minister continued.
The country’s entire 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 praised for the $1 billion deposit in a tweet by Prime Minister Shehbaz Sharif as well.
The premier continued, “We truly acknowledge this noble act and believe it essential to our efforts to stabilise 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 already received $3 billion in foreign financing from Saudi Arabia and the United Arab Emirates in the previous 48 hours.
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