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Saudi Arabia signs agreement to place $3 billion with State Bank of Pakistan

KARACHI, Pakistan: The State Bank of Pakistan (SBP) and the Saudi Fund for Development (SFD) on Monday signed a deposit agreement in Karachi.

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The agreement was signed by the Governor SBP Dr. Reza Baqir and the Chief Executive Officer of SFD Sultan Bin AbdulRahman Al-Marshad.

Under the deposit agreement, the SFD shall place a deposit of US$ 3.0 billion with the SBP. The deposit amount under the agreement shall become part of the State Bank of Pakistan’s Foreign Exchange Reserves.

It will help support Pakistan’s foreign currency reserves and contribute towards resolving the adverse effects of the COVID-19 pandemic.

The deposit agreement reflects the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan and will further augment the economic ties between the two brotherly Countries.

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