US Dollar deposits in Pakistan rose to Rs. 87 billion in the first nine months of FY26, showing strong demand despite strict restrictions imposed by the State Bank of Pakistan (SBP).
The increase comes after a net withdrawal of Rs. 9 billion during the same period last year, indicating a clear shift back toward depositing foreign currency in banks.
SBP had tightened rules to limit dollar outflows and control currency movement. However, the latest data suggests these measures have not reduced demand for the US dollar.
Last year, a large portion of foreign currency bought by residents was not deposited in banks and was instead used for cryptocurrency trading. This reduced official deposit levels during that period.
With new steps to regulate digital assets under the Virtual Assets Act 2026, the use of dollars for crypto appears to have declined, bringing more foreign currency back into the formal banking system.
At the same time, access to dollars has become more restricted. Exchange companies are required to provide rupees through cheques in many cases, and individuals face limits of $950 per identity card and up to $2,000 annually.
Foreign currency accounts remain an important option for residents to hold dollars as a safeguard against rupee depreciation and for international transactions.
