18 May 2022

logo

Saudi Arabia announces to deposit $3b with State Bank of Pakistan

Saudi Arabia’s Fund for Development has announced to deposit three billion dollars with State Bank of Pakistan to help the government support its foreign currency reserves and face the repercussions of Corona pandemic.

According to the Saudi Press Agency, this deposit is in addition to an oil deferred payment facility of 1.2 billion dollars for petroleum products during the year.

Meanwhile, Minister for Energy Hammad Azhar, in a tweet, said the deposit of three billion dollars by Saudi Development Fund with the State Bank and the oil deferred payment facility of 1.2 billion dollars per annum will ease pressures on our trade and forex accounts as a result of global commodities price surge.