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Saudi Arabia finalising extension of $3 billion deposit to support Pakistan's economy

01:37 PM | 25 May, 2022
Saudi Arabia finalising extension of $3 billion deposit to support Pakistan's economy
Source: @MAAljadaan (Twitter)

DAVOS – Saudi Arabia said that it is finalizing the extension of $3 billion deposits to Pakistan, which is in dire need of financial assistance to tackle the worsening economic crisis.

Saudi Minister of Finance Mohammed Al-Jadaan revealed it while talking to international media on the sidelines of the World Economic Forum 2022 in Davos.

Calling Pakistan a key ally, he said that Saudi Arabia will stand behind the South Asian country. 

His statement comes around three weeks after Pakistan Prime Minister Shehbaz Sharif visited the kingdom where matters related to trade, investment and bilateral cooperation were discussed.

A joint statement issued by the PM’s Office had said, “Saudi Arabia affirmed its continued support to Pakistan and its economy including the discussion of augmenting the $3 billion deposit with the central bank through term extension or otherwise”.

In 2021, the kingdom had deposited $3 billion in Pakistan's foreign reserves for one year at 4% interest under a support package.

The incumbent government is also making efforts for the revival of an International Monetary Fund programme to tackle the economic crisis that is coincided with political instability in the country. 

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
 
26.66
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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