KSA Rolls Over $3 Billion Deposit For One Year: SBP

Fahad Shabbir (@FahadShabbir) Published December 05, 2024 | 10:27 PM

The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended for another year the term for the deposit of USD 3 billion placed with Pakistan as economic support, the central bank announced on Thursday

KARACHI, (UrduPoint / Pakistan Point News - 5th Dec, 2024) The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended for another year the term for the deposit of USD 3 billion placed with Pakistan as economic support, the central bank announced on Thursday.

The said amount, according to a statement issued here, has been placed with State Bank of Pakistan (SBP) on behalf of Islamic Republic of Pakistan and it will help in strengthening the foreign exchange reserves and contribute to the country’s economic growth and development.

The extension of the term of the deposit, maturing on 05 December 2024, “is continuation of the support provided by the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan,” the SBP recognized adding that the $ 3 billion deposit agreement was initially signed with SFD in the year 2021 and subsequently rolled over in 2022 and 2023, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries.