Saudi Arabia among Main Countries Supporting Forex Reserves

Saudi Ministry of Finance reaffirmed that Saudi Arabia has a wide range of tools to support countries in their fight against the COVID-19, including through FX liquidity support.

The Kingdom is among the main countries that support foreign reserves for countries in need during the crisis, In a statement, the Saudi Ministry of Finance highlighted.

It recently placed a deposit worth of $3 billion at the Central Bank of Egypt, in addition to extending the term of the existing deposits of $2.3 billion.

Saudi Arabia has placed a deposit of $3 billion at the Central Bank of Pakistan.

Furthermore, the Kingdom has extended $1.2 billion of trade finance to support Pakistan’s balance of payment, the Ministry of Finance added.

‎The Ministry of Finance pointed out that the abovementioned support of $9.5 billion is equivalent to around 70% of the Kingdom’s Special Drawing Rights that were recently distributed from the International Monetary Fund.