The State Bank of Pakistan (SBP) said on Thursday that Saudi Arabia has agreed to extend the $3 billion deposit held in the bank for one more year.
He said the Saudi Fund for Development (SFD), on behalf of the Kingdom of Saudi Arabia, renewed the deposit, which was due on Monday.
“The extension of the deposit term is a continuation of the support provided by the Kingdom of Saudi Arabia to the Islamic Republic of Pakistan, which will help strengthen Pakistan’s foreign exchange reserves and contribute to the country’s economic growth and development,” the bank said.
The $3 billion deposit was initially agreed in 2021 and extended in 2022, 2023 and 2024.
Last week, the SBP said its foreign exchange reserves rose by just $9 million to $14.56 billion during the week ending Nov. 21.
However, the country’s total liquid foreign reserves decreased to $19.605 billion from $19.738 billion in the previous week due to a decline in commercial banks’ foreign exchange holdings, which fell from $5.186 billion to $5.044 billion in the last week.
