The Kingdom Of Saudi Arabia Has Extended The Deposit Term Of $3 Billion

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On Friday, SBP stated that Saudi Arabia has extended the maturity date on a $3 billion deposit it had made to Pakistan’s central bank.

According to a statement posted on the SBP’s Twitter page, “The SFD extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of $3 billion to the SBP.”

This extension of the deposit’s maturity date, according to the bank, “is a continuance of the assistance offered by the government of Saudi Arabia to the Government of Pakistan.”

“The deposit (is) aimed to shore up the foreign currency reserves in the Bank and help Pakistan in facing the economic repercussions of the COVID-19 pandemic; it, furthermore, contributed to meet external sector challenges and achieve sustainable economic growth for the country,” said SBP.

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