The Saudi Fund for Development has confirmed it will extend for one-year a $3 billion deposit currently placed in the SBP accounts since 2021. The deposit was to mature on Dec. 5, but that has now been extended to next year, the State Bank of Pakistan said on Twitter. The central bank also mentioned that the deposit is placed with SBP and is part of its forex reserves. It is pertinent to mention here that the deposit agreement between Saudi Arabia and Pakistan was signed in November, last year. Under this deposit agreement, the Saudi Fund for Development (SFD) placed a deposit of $3 billion with SBP.

Credit : Independent News Pakistan-INP