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Saudi Arabia Extends $3 Bln Deposit Term to Pakistan

Saudi Arabia Extends $3 Bln Deposit Term to Pakistan

Saturday, 3 December, 2022 - 06:30
Signing ceremony of a deposit agreement between the Saudi Fund for Development and the Pakistani Central Bank in November 2021 (SPA)

Saudi Arabia on Friday extended the term of a $3 billion deposit it made to Pakistan’s foreign reserves, as directed by Saudi King Salman bin Abdulaziz and the Crown Prince.

Saudi Arabia deposited the money in Pakistan's central bank late last year as a loan to shore up the cash-strapped country's reserves.

The central bank reserves stood at $7.5 billion as of Nov 25 this year.

"Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of 3 billion dollars to the State Bank of Pakistan," the bank said in a statement.

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