KARACHI – Saudi Arabia has agreed to extend a $3 billion deposit currently parked in the State Bank of Pakistan (SBP) for one more year in order to help the South Asian country tackle prevailing economic crisis.
In 2021, the Saudi Fund for Development had deposited $3 billion in Pakistan's foreign reserves for one year at 4% interest under a support package.
SBP announced the development about one-year extension on Twitter as the deposit was set to mature on December 5, 2022.
“Saudi Fund for Development (SFD) has confirmed rollover of $3bn deposit maturing on 5Dec22 for one year. Deposit is placed with SBP and is part of its forex reserves,” the central bank announced.
Saudi Fund for Development (SFD) has confirmed rollover of $3bn deposit maturing on 5Dec22 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan. Old PR https://t.co/YvQ9VXPq0x
— SBP (@StateBank_Pak) September 18, 2022
SBP said that the agreement reflects continuing strong and special relationship between KSA and Pakistan.
Experts are of the view that the $3billion deposit will provide a breathing room to the under-pressure economy and boost confidence of investors and it would end the speculations that Pakistan would default on its international loan obligations.
Pakistani rupee advanced its winning momentum against US dollar, and other currencies in the open market amid strong economic cues.
On Saturday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.
Euro moves down to 309.9 for buying and 310.5 for selling. British Pound rate stands at 359.4 for buying, and 360.05 for selling.
UAE Dirham AED also moved down to 77.45 whereas the Saudi Riyal drops to 75.82.
Currency | Symbol | Buying | Selling |
US Dollar | USD | 285.15 | 287.95 |
Euro | EUR | 309.9 | 310.5 |
UK Pound Sterling | GBP | 359.4 | 360.05 |
U.A.E Dirham | AED | 77.45 | 77.6 |
Saudi Riyal | SAR | 75.82 | 75.97 |
Australian Dollar | AUD | 187.72 | 188.22 |
Bahrain Dinar | BHD | 759.94 | 767.94 |
Canadian Dollar | CAD | 209.99 | 210.49 |
China Yuan | CNY | 39.78 | 39.88 |
Danish Krone | DKK | 41.95 | 42.05 |
Hong Kong Dollar | HKD | 36.38 | 36.48 |
Indian Rupee | INR | 3.39 | 3.5 |
Japanese Yen | JPY | 1.49 | 1.56 |
Kuwaiti Dinar | KWD | 926.39 | 935.39 |
Malaysian Ringgit | MYR | 60.38 | 60.98 |
New Zealand Dollar | NZD | 173.44 | 175.44 |
Norwegians Krone | NOK | 26.25 | 26.55 |
Omani Riyal | OMR | 742.16 | 750.18 |
Qatari Riyal | QAR | 78.5 | 79.2 |
Singapore Dollar | SGD | 212.45 | 212.95 |
Swedish Korona | SEK | 27.09 | 27.19 |
Swiss Franc | CHF | 325.38 | 325.88 |
Thai Bhat | THB | 8.05 | 8.09 |
The price of gold fell by thousands of rupees as precious metal lost shine despite an upward trend in the international market.
On Saturday, the price of a single tola of 24-karat gold stands at Rs217,300 and 10 grams of 24k gold costs Rs186,300.
Meanwhile, single tola of 22 Karat gold costs Rs199,190, 21 karat rate costs Rs190,138 and 18k gold rate is Rs162,975.
Globally, gold prices hover at around $2072, gaining $32 on Saturday.
City | Gold | Silver |
Lahore | PKR 217,300 | PKR 2,705 |
Karachi | PKR 217,300 | PKR 2,705 |
Islamabad | PKR 217,300 | PKR 2,705 |
Peshawar | PKR 217,300 | PKR 2,705 |
Quetta | PKR 217,300 | PKR 2,705 |
Sialkot | PKR 217,300 | PKR 2,705 |
Attock | PKR 217,300 | PKR 2,705 |
Gujranwala | PKR 217,300 | PKR 2,705 |
Jehlum | PKR 217,300 | PKR 2,705 |
Multan | PKR 217,300 | PKR 2,705 |
Bahawalpur | PKR 217,300 | PKR 2,705 |
Gujrat | PKR 217,300 | PKR 2,705 |
Nawabshah | PKR 217,300 | PKR 2,705 |
Chakwal | PKR 217,300 | PKR 2,705 |
Hyderabad | PKR 217,300 | PKR 2,705 |
Nowshehra | PKR 217,300 | PKR 2,705 |
Sargodha | PKR 217,300 | PKR 2,705 |
Faisalabad | PKR 217,300 | PKR 2,705 |
Mirpur | PKR 217,300 | PKR 2,705 |
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