Saudi Arabia mulls increasing Pakistan deposit to $5 billion.

RIYADH -- Islamabad's efforts to shore up the country's forex reserves with the help of Saudi Arabia -amid a worsening currency crisis- have started paying off as Riyadh is considering 'beefing up' its deposit in the State Bank of Pakistan (SBP) from $3 billion to $5 billion.

According to Saudi media, Crown Prince Mohammad Bin Salman Tuesday directed his financial officials to study increasing the Pakistan deposit by $2 billion.

The development comes a day after the Saudi crown prince's meeting with Chief of Army Staff General Asim Munir, who is on his first overseas official visit to the kingdom.

Last month, the Saudi Fund for Development (SFD) extended its term for the $3 billion deposit in the State Bank of Pakistan which was set to mature on December 5.

The SBP had signed an agreement with the SFD in November 2022 to receive $3bn, to be placed in the central bank's account with an aim to improve its foreign exchange reserves.

According to a Saudi Press Agency (SPA) report today, Crown Prince Mohammad Bin Salman has directed the SDF to study increasing the amount of the deposit which has previously been extended on December 2, 2022, to hit a $5 billion ceiling, confirming the kingdom's position supportive to Pakistan's economy and its people.

'This came within the framework of the existing communication between HRH the Crown Prince and Muhammad Shehbaz Sharif, Prime Minister of Pakistan,' the SPA added.

The state news agency added that the Saudi leader has also directed to study...