Mon 01 November 2021:
The Saudi Press Agency (SPA) claimed early Monday that Saudi Arabia had deposited $3 billion each in the central banks of Egypt and Pakistan.
The Saudi Finance Ministry said in a statement that Riyadh is one of the major countries supporting the foreign exchange reserves of countries in need during the pandemic, according to the SPA report.
It was observed that Saudi Arabia made a $3 billion deposit to Egypt’s Central Bank while also extending the duration of a prior $2.3 billion deposit.
According to data from the Central Bank of Egypt, Saudi Arabia holds long-term deposits in the lender, totaling $5.5 billion as of the end of March.
Saudi Arabia has also deposited $3 billion in the Central Bank of Pakistan, with $1.2 billion in trade finance, to help the South Asian country’s balance of payments, according to the statement.
It also said that these facilities, which reached a total of $9.5 billion, were equivalent to approximately 70% of the special drawing rights recently allocated to Saudi Arabia from the International Monetary Fund.
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