KARACHI – Saudi Arabia has agreed to extend a $3 billion deposit currently parked in the State Bank of Pakistan (SBP) for one more year in order to help the South Asian country tackle prevailing economic crisis.
In 2021, the Saudi Fund for Development had deposited $3 billion in Pakistan's foreign reserves for one year at 4% interest under a support package.
SBP announced the development about one-year extension on Twitter as the deposit was set to mature on December 5, 2022.
“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,” the central bank announced.