The State Bank of Pakistan has confirmed that the rollover of a two billion dollar deposit from the United Arab Emirates will continue without any issues. Governor Jameel Ahmad said deposits from friendly countries will be rolled over until September 2027.
Speaking to senior journalists at the SBP head office in Karachi, Governor Ahmad highlighted Pakistan’s debt repayment efforts. He said the country has already paid six billion dollars in external debt and interest. Complete arrangements are in place to pay another 4.5 billion dollars during the remaining months of the current fiscal year.
The SBP governor emphasized strict action against money laundering and smuggling. “Money changers were a major problem in the country,” he explained. “Exchange companies were shut down, leaving only 26 operational.” He added that banks have been directed not to allow trade-based money laundering.
Governor Ahmad also expressed optimism about Pakistan’s economic indicators. He expects improvements over the next two years. He clarified that the government does not fully benefit financially from lower interest rates, and banks are following clear guidelines to prevent misuse.
He discussed plans for Islamic banking based on Malaysia’s model. The government has been advised to create an asset pool and raise loans through Sukuk bonds. An increase in the Mera Ghar Mera Aashiyana housing scheme limit is also expected in the upcoming budget.
On currency, Governor Ahmad said new notes with redesigned features will not be available by Eid. While the cabinet has approved the designs, printing will take time. He also mentioned that major banks from three countries have expressed interest in opening operations in Pakistan.
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Finally, he said remittances could reach 42 billion dollars this fiscal year, reflecting confidence in the country’s economic stability. The two billion dollar rollover from the UAE further strengthens Pakistan’s foreign currency reserves.
