KARACHI: Adviser to Prime Minister on Finance and Revenue Shaukat Tarin has said that Pakistan received $ 3 billion deposit from Saudi Arabia.<\/p>\n
Taking to official Twitter handle, Shaukat Tarin announced: \u201cGood news, $3 billion Saudi deposit received by SBP.\u201d<\/p>\n
The PM’s aide acknowledged the support provided by Saudi Arabia and wrote: \u201cI want to thank Crown Prince Mohammed Bin Salman and Kingdom of Saudi Arabia for the kind gesture.\u201d<\/p>\n
On November 29, the central bank of Pakistan and the Saudi Fund for Development signed a deposit agreement for funds worth $3 billion.<\/p>\n
https:\/\/twitter.com\/shaukat_tarin\/status\/1467059562104635394?s=20<\/p>\n
According to a joint statement, under this deposit agreement, SFD shall park $3 billion in the SBP. \u201cThe deposit amount under the agreement shall become part of SBP\u2019s foreign exchange reserves,\u201d it had said.<\/p>\n
The central bank had stated that the deposit would help support Pakistan\u2019s foreign currency reserves and \u201ccontribute towards resolving the adverse effects of the COVID-19 pandemic.\u201d<\/p>\n
The deposit agreement was signed by SFD Chief Executive Officer H E Sultan Bin AbdulRahman Al-Marshad and the SBP Governor Dr Reza Baqir at the State Bank of Pakistan in Karachi.<\/p>\n
On October 27, the Saudi Fund for Development agreed to deposit $3 billion in the SBP to help support its foreign reserves.<\/p>\n
The fund had stated that an official directive was issued to supply $1.2 billion to finance Pakistan\u2019s oil products trade during the year.<\/p>\n
Saudi Arabia will charge around 3.2 to 3.5% markup on annual basis for this deposit amount.<\/p>\n
According to the central bank, Pakistan\u2019s total liquid foreign reserves stood at $22.498.8 billion on November 26, 2021. The break-up of the figures shows that foreign reserves held by the SBP were standing at $16.010.3 billion and net foreign reserves held by commercial banks were standing at $6.488.5 billion.<\/p>\n
During the week ended on November 26, 2021, the SBP’s reserves decreased by $244 million or 1.5%.<\/p>\n