Search

x
Join our whatsapp channel for News Updates

Saudi Arabia mulls boosting investments in Pakistan to $10 billion

10:34 AM | 10 Jan, 2023
Saudi Arabia mulls boosting investments in Pakistan to $10 billion
Source: Prime Minister of Pakistan (Twitter)

ISLAMABAD – Saudi Arabia weighs augmenting investment programs in Pakistan as the flood-hit nation is facing the worst economic crisis in recent years, Saudi Press Agency reported.

The report said Crown Prince Mohammed bin Salman has directed authorities to study augmenting the Kingdom’s investments in South Asian nation to $10 billion.

SPA said the Saudi de facto ruler has directed Saudi Development Fund to study increasing the amount of the deposit provided by Riyadh in favor of Pakistan’s central bank which was earlier extended on December 2, 2022, to hit $5 billion.

The Crown Prince made directives to affirm the Kingdom's position in supporting the economy of Pakistan and its people, SPA further said, and added that the framework of the existing communication between the Crown Prince and Pakistani premier Shehbaz Sharif.

Last year, Saudi Development Fund extended its term for the $3 billion deposit in State Bank, which was set to mature on December 5. Pakistan also inked an agreement with SFD in 2022 to receive $3 billion, to be deposited in SBP’s account to maintain foreign exchange reserves amid the economic crunch.

Saudi hinted at boosting financial investment, a day after the visit of Pakistan Army Chief General Syed Asim Munir to Saudi Arabia.

Daily Pakistan Global Web Desk

Advertisement

Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 19 April 2024

Pakistani currency saw minor adjustment against global currencies on April 19, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.2 and Saudi Riyal's new rates was at 73.30.

Today’s currency exchange rates in Pakistan - 19 April 2024

Currency Symbol Buying Selling
US Dollar ‎USD 277.4 280.4
Euro EUR 293 296
UK Pound Sterling GBP 342.25 345.65
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.09 748.09
Canadian Dollar CAD 201 203
China Yuan CNY 38.44 38.84
Danish Krone DKK 39.69 40.09
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.64 911.64
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.31 25.61
Omani Riyal OMR 722.87 730.87
Qatari Riyal ‎QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.08 307.58
Thai Bhat THB 7.56 7.71

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter