Saudi Arabia confirms rollover of $3 bn deposit for 1 year

Islamabad: The Saudi Fund for Development (SDF) has confirmed the rollover of $3 billion deposit maturing on December 05, 2022 for one year.

The State Bank of Pakistan (SBP) said on its official twitter handle Sunday that the deposit is placed with SBP and is part of its forex reserves.

“This reflects continuing strong and special relationship between KSA and Pakistan,” the SBP added.

In November 2021, an 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), was signed under which SFD placed a deposit of USD 3.0 billion with SBP.