KARACHI: Saudi Arabia has extended a $3 billion deposit placed in the State Bank of Pakistan’s (SBP) account for another year, a move that will strengthen the foreign exchange reserves of the country.
In November 2021, the central bank entered into a deal with the Saudi Fund for Development (SFD) for a $3 billion deposit aimed at strengthening the country’s foreign exchange reserves.
The arrangement was formalised at the SBP headquarters in Karachi, where SFD CEO Sultan Bin Abdul Rahman Al-Marshad and then–State Bank Governor Dr. Reza Baqir signed the agreement, according to an official statement from the central bank.
The extension represents a further continuation of Saudi Arabia’s support to Pakistan. It aims to bolster Pakistan’s foreign exchange reserves and support the country’s economic growth and development.
