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Tuesday, January 31, 2023
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HomeNationalSaudi Arabia amplifies period of $3 billion deposit with SBP

Saudi Arabia amplifies period of $3 billion deposit with SBP

Saudi Arabia has extended the term for the $3 billion it deposited with the State Bank of Pakistan (SBP) on Friday.

According to a statement released,” Implementing directives of the custodian of the two Holy Mosques, King Salman bin Abdulaziz Al Saud – may Allah protect him; the Saudi Fund for Development has extended the term for deposit, $3bn, provided by Kingdom of Saudi Arabia to State Bank of Pakistan.”

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It further stated that the extension of the term of the deposit is a continuation of support provided by the government of the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan.

The deposit has also helped Pakistan achieve its goal of overcoming “challenges in the external sector and achieving sustained economic growth.”

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The Saudi Fund for Development (SFD) acknowledged the deposit’s rollover for a year in September of this year.

Pakistan and the Kingdom signed the deposit agreement in November 2021 to boost Pakistan’s foreign currency reserves and aid in the recovery from the COVID-19 pandemic.

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