Pakistan to China to increase extension and volume of currency swap agreements with China Pakistan will provide the US $ one billion 50 million, Pakistan to return two billion dollars in Saudi Arabia, China Contract currency swap with Happened in 2011.
According to China’s currency extended swap deal and trade in the increasing volume of Pakistan has expressed the willingness to provide $ 1 billion, which Pakistan will help to return to Saudi debt, according to sources, Pakistan, Saudi Arabia to return 1 billion this month and 1 billion next month
Pakistan and China signed a currency swap agreement in December 2011 under President Asif Ali Zardari to boost bilateral trade in a local currency, under which the two countries could trade 10 billion yuan in yuan and rupees. The agreement stipulates a three-year extension, first in 2014 and again in 2018, to increase the volume of bilateral trade in local currency to 20 billion yuan, now expiring in April 2021.
According to sources, the 1.5 billion received under the agreement will not be counted in Pakistan’s external debt but will go to the SBP account for trade facilitation.
Extracted from City42 News