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Photo Source: Dawn

Pakistan Reader# 442, 3 December 2022

Saudi Arabia extends the period of deposit in SBP



PM Shehbaz Sharif thanks Saudi Arabia for the period extension

Joel Jacob

On 2 December, the State Bank of Pakistan reported that the Kingdom of Saudi Arabia had relaxed the period of its deposits worth USD three billion. The move enables the increase in foreign exchange reserves and strengthening of the domestic economy. The extension enabled the rupee to close unchanged at PKR 223.69 against the dollar in the interbank market. The period of extension is not known as to how long it extends, but based on the general perception it could be extended for another year. The extension was made in terms of the support made by Saudi Arabia to Pakistan to help the country which is facing economic repercussions. The extensions reflect the continuous close relationships between the two countries. Prime Minister Shehbaz Sharif thanked the leadership and the government of Saudi Arabia for extending the term of the deposit with the State Bank of Pakistan. (Salman Siddiqui, “S Arabia extends the term of $3b deposit,” The Express Tribune, 3 December 2022)

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