ISLAMABAD (MNN); The State Bank of Pakistan announced on Thursday that Saudi Arabia has agreed to extend the $3 billion deposit placed with the central bank for an additional year. The deposit was scheduled to mature on Monday, but the Saudi Fund for Development, acting on behalf of the Kingdom, approved its rollover.
According to the central bank, the extension reflects Saudi Arabia’s continued support for Pakistan and will help strengthen the country’s foreign exchange reserves while contributing to overall economic stability and growth.
The $3bn deposit was originally made in 2021 and has since been rolled over in 2022, 2023, and 2024.
Last week, the State Bank reported that its foreign exchange reserves inched up by $9 million to reach $14.560 billion during the week ending November 21.
However, Pakistan’s total liquid foreign reserves declined from $19.738 billion to $19.605 billion due to a drop in commercial banks’ holdings, which fell from $5.186 billion to $5.044 billion.
