Saudi Arabia rolls over $3bn deposit support for Pakistan

Saudi Arabia has extended the term of its $3 billion deposit placed with Pakistan for another year to support the country’s economy, the State Bank of Pakistan (SBP) announced on Thursday.

In a statement, the central bank said: “The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of $3 billion maturing on December 8, 2025, for another year.”

The SBP said the fresh extension of the deposit’s term would help strengthen foreign exchange reserves and contribute to the country’s economic growth and development.

The amount has been placed with the SBP on behalf of the state, said the central bank.

It is pertinent to mention here that the $3 billion deposit was initially placed with the SBP in 2021 and subsequently rolled over since then.

This is a developing story and is being updated with more details.