Saudi Arabia 'extends term' for $3bln deposit to Pakistan

ISLAMABAD: Saudi Arabia has extended the tenure of the $3 billion deposit placed with Pakistan, ARY News reported on Thursday, citing well-placed sources.

In November 2021, the SBP had signed an agreement with the Saudi Fund for Development (SFD) to receive $3bn, which would be placed in the central bank’s account with an aim to improve its foreign exchange reserves.

The extension of the $3 billion deposit term will help Pakistan in shoring up its foreign exchange reserves and strengthening domestic economy

The Saudi Development Fund has approved a one-year extension for the $3 billion deposit, the sources said.

They further say the tenure of the Saudi deposit was set to expire today. The $3 billion from Saudi Arabia is currently held with the State Bank of Pakistan.

Saudi Arabia had initially signed the agreement in 2021 to provide Pakistan with the $3 billion deposit.

Pakistan’s bank deposits soar to new historic high

Pakistan’s bank deposits have soared to a new historic high, reaching Rs. 31,626 billion in March 2025.

The SBP report revealed a significant year-on-year increase of 11.7% and a month-on-month rise of 3.8% in bank deposits.

Compared to March 2024, when deposits stood at Rs. 28,321 billion, an additional Rs. 3,305 billion was recorded over the year. In just one month, from February 2025’s figure of Rs. 30,457 billion, deposits grew by Rs. 1,169 billion.

Pakistan posted a record current account surplus of $1.2 billion in March — the highest monthly surplus in the country’s history.