SBP receives $3 billion deposit from Saudi Arabia

DailyTimes  |  Dec 04, 2021

KARACHI: The State Bank of Pakistan on Saturday received a $3 billion deposit from Saudi Fund for Development.

Adviser to Prime Minister on Finance and Revenue Shaukat Tarin tweeted: “Good news, $3 billion Saudi deposit received by SBP.”

“I want to thank Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for the kind gesture,” he wrote.

Good news, US$3 billion Saudi deposit received by SBP. I want to thank His Excellency Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for the kind gesture.

— Shaukat Tarin (@shaukat_tarin) December 4, 2021

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.

The central bank had stated that the deposit would help support Pakistan’s foreign currency reserves and “contribute towards resolving the adverse effects of the COVID-19 pandemic.” The deposit agreement was signed by SFD Chief Executive Officer H E Sultan Bin AbdulRahman Al-Marshad and the SBP Governor Dr. Reza Baqir at the State Bank of Pakistan in Karachi.

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