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Saudi Arabia extends term of $3b deposit in State Bank of Pakistan
December 02, 2022

(File Photo)

Saudi Arabia has extended the term of three billion dollars deposit in the State Bank of Pakistan through the Saudi Fund for Development to support Pakistan's economy.

The extension of the deposit period is a continuation of the support provided by the Government of Saudi Arabia to Pakistan.

The purpose of the deposit is to augment the foreign currency reserves in the bank and help Pakistan deal the economic impact caused by COVID-19.

Following the royal directives and reflecting the continuation of close relations between the two countries, the Saudi Fund for Development signed a three billion dollars deposit agreement with the State Bank of Pakistan in November last year.