Saudi Fund for Development confirms rollover of $3bn deposit maturing on 5 Dec 2022 for one year: SBP
KARACHI, Sep 18 (SABAH): State Bank of Pakistan (SBP) has said that Saudi Fund for Development (SFD) has confirmed rollover of $3bn deposit maturing on 5 Dec 2022 for one year.
According to a statement issued by SBP on twitter on Sunday, deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan.
It is worth mentioning here that on 29th November 2021, Joint press Release was issued by State Bank of Pakistan (SBP) and Saudi Fund for Development (SFD) Deposit Agreement Signed between the Saudi Fund for Development (SFD) and the State Bank of Pakistan.
According to the statement a deposit agreement between the Kingdom of Saudi Arabia, represented by the Saudi Fund for Development (SFD), and the Government of the Islamic Republic of Pakistan, represented by the State Bank of Pakistan (SBP), has been signed today by the Chief Executive Officer of SFD, Sultan Bin Abdul Rahman Al-Marshad and the Governor SBP, Dr. Reza Baqir at the State Bank of Pakistan in Karachi, Pakistan.
Under this deposit agreement, SFD shall place a deposit of USD 3.0 billion with SBP. The deposit amount under the agreement shall become part of SBP’s Foreign Exchange Reserves. It will help support
Pakistan’s foreign currency reserves and contribute towards resolving the adverse effects of the COVID19 pandemic. The deposit agreement reflects the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan and will further augment the economic ties between the two brotherly countries.