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Business & Finance

SBP has received $3-billion deposit from Saudi Arabia, says Shaukat Tarin

  • Advisor to Prime Minister on Finance and Revenue thanks His Excellency Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for 'kind gesture'
Updated 04 Dec, 2021

Pakistan finally received on Saturday a $3-billion deposit from Saudi Arabia which will help support the country's foreign currency reserves and also contribute to resolving the adverse effects of the Covid-19 pandemic.

This was confirmed by Advisor to the Prime Minister on Finance and Revenue Shaukat Tarin on Twitter.

"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".

On Monday, Chief Executive Officer of Saudi Fund for Development (SFD) H.E. Sultan Bin Abdul Rahman Al-Marshad and the State Bank of Pakistan (SBP) Governor Dr Reza Baqir had signed an agreement in Karachi for the deposit of $3 billion in the central bank.

"The deposit agreement reflects the strong and special relationship between the Kingdom of Saudi Arabia and Pakistan and will further augment the economic ties between the two brotherly countries,” a statement by the SBP said.

Pakistan, Saudi Arabia sign $3-billion deposit agreement

The deposit comes at a time when the rupee hit a new historic low against the US dollar, closing at 176.77 in the inter-bank market on Friday.

The country’s total liquid foreign exchange reserves declined by $275 million on a weekly basis, the central bank revealed on Thursday. Total liquid foreign exchange reserves held by the country stood at $22.499 billion on November 26, 2021.

During the week under review, the SBP’s reserves decreased by $244 million to $ 16.01 billion.

Net forex reserves held by commercial banks stood at $6.488 billion, down $31 million in a week.

However, the latest deposit is set to give Pakistan's foreign exchange reserves a boost for the moment. It remains to be seen in the coming weeks if the inflow would arrest the decline of the rupee.

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Amir Islam Dec 04, 2021 05:57pm
Many thanks to the Saudi Arabia for such a support. However, Pakistan Government is requested to address the issue of current account deficit on permanent nature. At least import of all luxury items should be banned permanently along with import of all such things which country is producing or manufacturing like automobiles, mobile phones etc. Looking forward
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Tufail Ahmed Khan Dec 06, 2021 02:23am
It is timely help by the Kingdom of Saudi Arabia at a time when Pakistan's foreign Exchange reserves are under pressure due to current account deficit. It is time to manage things at home discourage import of luxury items and encourage value added exports. On the brighter side Pakistan has creat a new record to export 2.93 billion dollars worth of goods and services for the month of November - 21. This positive trend must continue. The world is opening after Covid 19 effects that's why there is an inflationary trend world over. Our Finance managers should remain vigilant.
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