Saudi fund leaves $3bn in Pakistan’s central bank for another year
Deposit accounts for around a fifth of SBP’s dollar reserves
Saudi Arabia has extended the term of a $3 billion deposit with Pakistan’s central bank for another year.
The State Bank of Pakistan (SBP) said in a statement that the Saudi Fund for Development had extended the deposit placement on December 4. The SBP said the placement would help strengthen Pakistan’s foreign exchange reserves and bolster the country’s economic development.
The SBP said it had received the deposit from the Saudi fund in 2021 and that it had been rolled over in the years since
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