The State Bank of Pakistan (SBP) on Sunday announced that the Saudi Fund for Development (SFD) confirmed the rollover of a $3 billion deposit for one more year.

The deposit was set to mature on December 5, the SBP tweeted, adding that the amount was placed with the central bank as part of its foreign exchange reserves.

“This reflects continuing strong and special relationship between KSA (Kingdom of Saudi Arabia) and Pakistan,” the SBP said.

The agreement for the deposit was originally signed in November 2021 with an aim to improve the SBP’s foreign exchange reserves.

The agreement was signed by SFD Chief Executive Officer Sultan Bin Abdul Rahman Al-Marshad and former SBP governor Dr Reza Baqir at the State Bank in Karachi.

In the last week of October 2021, Saudi Arabia had agreed to revive its financial support to Pakistan, including about $3bn in safe deposits and $1.2bn worth of oil supplies on deferred payments. The agreement was reached during the visit of former prime minister Imran Khan to the kingdom the same month.

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Minimum wages
13 Jun, 2025

Minimum wages

THE ‘admission’ of the Sindh Employees’ Social Security Institution that over 80pc of industries had not...
Iran attack fears
13 Jun, 2025

Iran attack fears

AS the fate of the US-Iran talks remains undecided, there are worrying signs that in case the negotiations collapse,...
Climate realities
13 Jun, 2025

Climate realities

EVEN as he faced a difficult crowd at the finance ministry’s post-budget press conference, it seems that Finance...
Lack of direction
Updated 12 Jun, 2025

Lack of direction

Few believe that a govt desperate to grow the economy can actually pull it off, as the dynamism required is not visible.
Taxing e-commerce
12 Jun, 2025

Taxing e-commerce

FOR the first time, the government has the digital economy in its crosshairs. With a slew of new measures proposed ...
Kashmir mediation
12 Jun, 2025

Kashmir mediation

ONE of the noteworthy outcomes of last month’s limited clashes between Pakistan and India is that the Kashmir ...