The State Bank of Pakistan (SBP) has signed an agreement to receive $ 3 billion from the Saudi Arabia Fund for Development(SFD).

The SBP said in a statement Monday that its Governor has signed a deposit agreement with the Kingdom of Saudi Arabia through the State Bank of Pakistan (SBP) represented by Dr. Reza Baqir and the Saudi Arabia Development Fund represented by Sultan bin Abdul Rahman Al-Marshad in Karachi, Pakistan.

Under this deposit agreement, the Social Development Fund will make a deposit of USD 3.0 billion to SBP.

“The amount of the deposit will become part of the central bank’s foreign exchange reserves,” statement said. This will help support Pakistan’s foreign exchange reserves and reverse the negative effects of the Covid-19 pandemic.

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