KSA Extends Term For A $3 Billion Deposit Placed With Pakistan For A Year

The State Bank of Pakistan (SBP), Wednesday, informed that the Kingdom of Saudi Arabia extended the term for the deposit of US$ 3 billion placed with Pakistan for another year

KARACHI, (UrduPoint / Pakistan Point News - 29th Nov, 2023) The State Bank of Pakistan (SBP), Wednesday, informed that the Kingdom of Saudi Arabia extended the term for the deposit of US$ 3 billion placed with Pakistan for another year.

“The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of US$ 3 billion, maturing on 05 December 2023, for another year,” said a statement issued here.

The $ 3 billion deposit agreement was initially signed through the SFD with the SBP in the year 2021 and the said amount has been placed with the State Bank of Pakistan on behalf of the Islamic Republic of Pakistan.

It is worth noting that the amount was rolled over subsequently in 2022, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries.

The recent extension of the term of the deposit for one more year is a continuation of the support provided by the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan, which will help to maintain the foreign currency reserves of Pakistan and contribute to the economic growth of the country, it concluded.