Tuesday, January 31, 2023

Boost to economy as Pakistan and Saudi Arabia sign deposit agreement

Boost to economy as Pakistan and Saudi Arabia sign deposit agreement

ISLAMABAD (92 News) – A deposit agreement between the Saudi Arabia, represented by the Saudi Fund for Development (SFD), and the Government of Pakistan, represented by the State Bank of Pakistan (SBP), was signed on Monday.

SFD Chief Executive Officer Sultan Bin Abdul Rahman Al-Marshad and SBP Governor Dr Reza Baqir signed the agreement at the State Bank of Pakistan.

Under the deposit agreement, SFD shall place a deposit of US$3 billion with SBP. The deposit amount under the agreement shall become part of SBP’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 Saudi Arabia and Pakistan and will further augment the economic ties between the two brotherly countries.