KARACHI – Saudi Arabia has agreed to extend a $3 billion deposit currentlyparked in the State Bank of Pakistan (SBP) for one more year in order tohelp the South Asian country tackle prevailing economic crisis.
In 2021, the Saudi Fund for Development had deposited $3 billion inPakistan’s foreign reserves for one year at 4% interest under a supportpackage.
SBP announced the development about one-year extension on Twitter as thedeposit was set to mature on December 5, 2022.
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“Saudi Fund for Development (SFD) has confirmed rollover of $3bn depositmaturing on 5Dec22 for one year. Deposit is placed with SBP and is part ofits forex reserves,” the central bank announced.
