Saudi Arabia extends term of $3bln deposit with SBP

Business Dec, 2 2022
Saudi Arabia extends term of $3bln deposit with SBP
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Karachi: State Bank of Pakistan (SBP) announced that Saudi Arabia has extended term for $ 3 billion deposited with central bank. “Implementing directives of Custodian of Two Holy Masajid King Salman bin Abdulaziz Al Saud may Allah protect him Saudi Fund for Development (SFD) extended term for deposit provided by Kingdom of Saudi Arabia in amount of 3 billion dollars to State Bank of Pakistan,” said central bank in a statement.

SBP said that extension of term of deposit was a “Continuation of support provided” by Riyadh to Pakistan to shore up Pakistan’s foreign currency reserves and help Islamabad in “facing economic repercussions of Covid-19 endemic”. 

Deposit has also contributed to Pakistan’s aim of meeting “External sector challenges and achieve sustainable economic growth”. Deposit agreement was made between Pakistan and Kingdom in November 2021 in a bid to support Pakistan’s foreign currency reserves and contribute toward resolving adverse effects of Covid-19 endemic.

Published in The Daily National Courier, December, 03 2022

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