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Saudi confirms rollover of $3-bn deposit for a year: State Bank of Pakistan

by Suneela Zulfiqar
September 19, 2022
in Business, Finance, World
Reading Time: 2 mins read
Saudi confirms rollover of $3-bn deposit for a year
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The State Bank of Pakistan said, the Saudi Fund for Development has indicated it will extend a $3 billion deposit that has been in the SBP accounts since 2021 by one year.

The deposit was supposed to mature on December 5, however the State Bank of Pakistan announced on Twitter that it has been postponed until 2019.

Saudi Fund for Development (SFD) has confirmed rollover of $3bn deposit maturing on 5Dec22 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan. Old PR https://t.co/YvQ9VXPq0x

— SBP (@StateBank_Pak) September 18, 2022

The deposit was made with SBP and is a portion of the central bank’s foreign exchange reserves, the central bank added.

It is important to note that Saudi Arabia and Pakistan inked the deposit agreement in November of last year. The Saudi Fund for Development (SFD) made a $3 billion deposit with SBP in accordance with this deposit arrangement.

According to the official Saudi Press Agency (SPA), Saudi Arabia declared last month that it would invest $1 billion in Pakistan to help the economy of that nation.

Additionally, Saudi state television said that King Salman bin Abdulaziz Al Saud had ordered a $1 billion investment in Pakistan.

Foreign Minister Bilawal Bhutto Zardari and Saudi FM Prince Faisal bin Farhan bin Abdullah spoke over the phone, during which the latter informed the former of the King’s order.

FM Bilawal praised Saudi Arabia’s pledge to spend $1 billion in Pakistan while recalling the two nations’ long-standing friendship.

Tags: latestSaudi FundSaudi Fund for DevelopmentSaudia ArabiaState Bank of Pakistan
Suneela Zulfiqar

Suneela Zulfiqar

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