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UAE Deposits $1 Billion in the State Bank of Pakistan

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The Finance Minister, Ishaq Dar, announced on Wednesday that the United Arab Emirates (UAE) has deposited $1 billion into the State Bank of Pakistan (SBP). This deposit has contributed to an increase in the central bank’s foreign exchange reserves, which will be reflected in the reserves position for the week ending July 14, 2023.

In a tweet, Ishaq Dar expressed gratitude on behalf of Prime Minister Shehbaz Sharif, Chief of Army Staff General Asim Munir, himself, and the people of Pakistan to the UAE leadership for their support in depositing $1 billion with the SBP.

The finance minister stated that the country’s overall liquid foreign currency reserves, including reserves held by banks other than the SBP, are expected to reach $14 to $15 billion in the upcoming weeks.

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Prime Minister Shehbaz Sharif also expressed appreciation to the UAE President for the $1 billion deposit, emphasizing the longstanding friendship and support between the UAE and Pakistan. He considered this gesture crucial in stabilizing the country’s economy.

It is worth noting that the Kingdom of Saudi Arabia (KSA) had deposited $2 billion into the SBP’s account the previous day. With the additional $1 billion deposit from the UAE, Pakistan has received a total of $3 billion in external financing from Saudi Arabia and the UAE within the past 48 hours.