Saudi Arabia deposits $3 billion in Egypt's central bank

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Saudi Arabia’s finance ministry said on Sunday the Kingdom deposited $3 billion at Egypt’s central bank and extended the term of another $2.3 billion in previous deposits.

The Kingdom also deposited $3 billion at the Central Bank of Pakistan and extended $1.2 billion of trade finance to support Pakistan’s balance of payment, the ministry said in its statement.

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“Saudi Arabia is one of the main countries that support foreign reserves for countries in need during the [COVID-19] crisis,” the ministry added.

The Kingdom’s ministry also stated that the announced deposits and financial support of $9.5 billion is equivalent to around 70 percent of the Kingdom's Special Drawing Rights that were recently distributed from the International Monetary Fund (IMF).

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