By S.M. Inam
KARACHI: Pakistan’s central bank has assured that a $2 billion rollover from the United Arab Emirates poses no risk to the economy, State Bank Governor Jameel Ahmad said on Friday. He added that dollar deposits from friendly countries will continue to roll over until September 2027.
Speaking to senior journalists at the SBP headquarters, Ahmad highlighted that Pakistan has already paid $6 billion in external debt and interest this year. Arrangements are in place for another $4.5 billion for the remaining months.
The governor emphasized strict action against dollar laundering and smuggling. “We have shut down 140 money exchange companies, leaving just 26 operating in the country,” he said.
Ahmad said Pakistan’s economic indicators are expected to improve over the next two years. While interest rate reductions benefit the government, they also reduce SBP profits. Banks have been instructed to prevent trade-based money laundering. He proposed a Malaysian-style Islamic banking model to raise funds through Sukuk bonds.
The governor confirmed that remittances could reach $42 billion this fiscal year, despite a potential decline in exports. He noted that Pakistan’s payment system is rapidly digitising, creating a more transparent economy.
Ahmad also provided updates on the “Mera Ghar Mera Ashiana” housing scheme, new currency notes with anti-counterfeit features awaiting approval, and interest from three foreign banks to open operations in Pakistan.
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