Islamabad: State Bank Of Pakistan said on sunday Saudi Arab has confirmed the rollover of deposits of USD 3 billion for one more year.
The deposit was scheduled to mature on December 5, sbp tweeted, adding that the amount was kept with the central bank as part of its foreign exchange reserves.
,Saudi Fund for Development ,SFD) has confirmed the rollover of a $3bn deposit for one year maturing on 5 December22. The deposits are held with SBP and form part of its foreign exchange reserves. This reflects the continued strong and special relationship between KSA (Kingdom of Saudi Arabia) and Pakistan,” the bank tweeted.
The agreement for the deposit was originally signed in November 2021 with the aim of improving SBP’s foreign exchange reserves.
Saudi Arabia agreed in October 2021 to revive its financial aid to Pakistan, which included about USD 3 billion in safe deposits and USD 1.2 billion of oil supplies on deferred payments.
Pakistan is facing a shortage in foreign exchange reserves and the rupee is depreciating continuously. Saudi Arabia’s move may help stabilize the national currency.
The deposit was scheduled to mature on December 5, sbp tweeted, adding that the amount was kept with the central bank as part of its foreign exchange reserves.
,Saudi Fund for Development ,SFD) has confirmed the rollover of a $3bn deposit for one year maturing on 5 December22. The deposits are held with SBP and form part of its foreign exchange reserves. This reflects the continued strong and special relationship between KSA (Kingdom of Saudi Arabia) and Pakistan,” the bank tweeted.
The agreement for the deposit was originally signed in November 2021 with the aim of improving SBP’s foreign exchange reserves.
Saudi Arabia agreed in October 2021 to revive its financial aid to Pakistan, which included about USD 3 billion in safe deposits and USD 1.2 billion of oil supplies on deferred payments.
Pakistan is facing a shortage in foreign exchange reserves and the rupee is depreciating continuously. Saudi Arabia’s move may help stabilize the national currency.