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The State Bank of Pakistan on Sunday said Saudi Arabia has confirmed the rollover of a USD 3 billion deposit for one more year.
The deposit was set to mature on December 5, the SBP tweeted, adding that the amount was placed with the central bank as part of its foreign exchange reserves.
"Saudi Fund for Development (SFD) has confirmed a rollover of $3bn deposit maturing on 5 Dec22 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects the continuing strong and special relationship between KSA (Kingdom of Saudi Arabia) and Pakistan," the bank tweeted.
The agreement for the deposit was originally signed in November 2021 with an aim to improve the SBP's foreign exchange reserves.
Saudi Arabia had agreed to revive its financial support to Pakistan in October 2021, including about USD 3 billion in safe deposits and USD 1.2 billion worth of oil supplies on deferred payments.
Pakistan has been facing a shortfall in foreign reserves and the rupee has been depreciating regularly. The move by Saudi Arabia may help to stabilise the national currency.
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