A deposit agreement has been struck between the State Bank of Pakistan (SBP) and the Saudi Fund for Development (SFD), according to a statement released on Monday.
The agreement was signed by State Bank Governor Dr. Reza Baqir and SFD CEO Sultan Bin AbdulRahman Al-Marshad.
The Saudi fund would deposit $3 billion with the central bank under this deal. The sum of the deposit will be added to the SBP’s foreign currency reserves. It will assist strengthen Pakistan’s foreign currency reserves and contribute to the resolution of the Covid-19 pandemic’s negative impacts.
The deposit agreement highlights the Kingdom of Saudi Arabia and Pakistan’s strong and unique connection