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 › General › General News › Saudi Arabia extends term of $3b deposit in State Bank of Pakistan

Saudi Arabia extends term of $3b deposit in State Bank of Pakistan

Web Desk December 2, 2022     Comment Closed     General, General News

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.

Source: Radio Pakistan

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