Saudi Arabia deposits $3 billion with the Central Bank of Pakistan


Saudi Arabia deposits $3 billion with the Central Bank of Pakistan

Saudi Arabia deposits $3 billion with the Central Bank of Pakistan

Reuters

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Pakistan said on Wednesday that Saudi Arabia would deposit $3 billion in its central bank to help boost the cash-strapped country’s shrinking foreign exchange reserves.

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Pakistani Finance Minister Shaukat Tarin said on his Twitter account that Saudi Arabia will also finance $1.2 billion in oil derivatives trade in his country, and this comes two days after Pakistani Prime Minister Imran Khan returned from an official visit to Saudi Arabia.

The Pakistani economy is currently under pressure due to the high oil prices in the international market.

Khan has repeatedly raised oil prices inside the country, which sparked widespread criticism from citizens.

Saudi Arabia is a major supplier of oil to Islamabad.

Source: “Associated Press”

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