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October 19, 2019
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Pakistan forex reserves surge to $15.25bn as SBP received $1bn from Saudi Arabia

KARACHI: Pakistan received another $1 billion from Saudi Arabia on Friday, a day after it received as much amount from UAE to shore up its foreign exchange reserves.

The State Bank of Pakistan on Friday received another $1 billion from Saudi Arabia, which is the final instalment of the $3 billion balance of payment support the Kingdom had pledged to provide.

Pakistan has already received the $2 billion in two instalments.

The latest transfer comes a day after the United Arab Emirates deposited the first instalment amounting to $1 billion of a $3 billion financial support package in the State Bank.

On January 22, an agreement was signed between Abu Dhabi Fund for Development and State Bank of Pakistan in Abu Dhabi for transfer of the amount.

After the deposits from the UAE and Saudi Arabia, the State Bank’s net reserves have surged to $8.86 billion. The net foreign reserves, the country is holding, stand at $15.25 billion.

Pakistan will be paying 3% interest rate on the payments from Saudi Arabia, and 3.18% on the UAE loans.