The State Bank of Pakistan on Saturday received a much-awaited $3 billion deposit from Saudi Fund for Development.
Taking to official Twitter handle, Adviser to Prime Minister on Finance and Revenue Shaukat Tarin announced: “Good news, $3 billion Saudi deposit received by SBP.”
The PM’s aide acknowledged the support provided by Saudi Arabia and wrote: “I want to thank Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for the kind gesture.”
On November 29, the central bank of Pakistan and the Saudi Fund for Development signed a deposit agreement for funds worth $3 billion.
According to a joint statement, under this deposit agreement, SFD shall park $3 billion in the SBP. “The deposit amount under the agreement shall become part of SBP’s foreign exchange reserves,” it had said.
