The United Arab Emirates (UAE) has confirmed that its two $1 billion deposits with SBP will be rolled over for an additional year, the State Bank of Pakistan (SBP) said on Wednesday.

In a brief statement posted on X, the central bank announced that both deposits were maturing in January 2024.

In a brief statement posted on X, the central bank noted that both deposits were set to mature in January 2024.

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A letter requesting the rollover of the deposits was sent by Anwaar-ul-Haq Kakar, the acting prime minister, to the president of the UAE.

In addition, the central bank previously declared that it had received the second installment of $705.6 million from the IMF as part of the $3 billion Stand-By Arrangement (SBA).

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