Saudi Arabia extends $3bn deposit in Pakistan for another year

Saudi Arabia has extended a $3 billion deposit placed with Pakistan for another year to continue bolstering the economy, the State Bank of Pakistan announced in a press release on Thursday. In November 2021, the State Bank signed an agreement with the Saudi Fund for Development (SFD) to receive $3bn, which would be placed in the SBP’s account to improve its foreign exchange reserves. The agreement was signed by SFD Chief Executive Officer Sultan Bin Abdul Rahman Al-Marshad and then-SBP Governor Dr Reza Baqir at the State Bank in Karachi, according to a statement issued by the SBP. In November 2023, the State Bank announced that Saudi Arabia extended the term for the deposit for one more year.