S.Arabia deposits $3B each in Egyptian, Pakistani central banks

RIYADH, Saudi Arabia

Saudi Arabia deposited $3 billion each in the central banks of Egypt and Pakistan, the Saudi Press Agency (SPA) reported early on Monday.

The report by the SPA was cited a statement by the Saudi Finance Ministry, saying that Riyadh is considered one of the leading countries supporting the foreign exchange reserves of nations in need during the pandemic.

It noted that Saudi Arabia provided a deposit of $3 billion to the Central Bank of Egypt, while extending the term of a previous $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.

The statement also said that Saudi Arabia had deposited $3 billion in the Central Bank of Pakistan, with $1.2 billion in trade finance to support the South Asian country's balance of payments.

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.

*Writing by Jeyhun Aliyev from Ankara