Chinese banks to roll over $2.3bln in cash-strapped Pakistan's deposits

This will help shore up Pakistan's foreign exchange reserves

Asif Shahzad, Reuters News

PHOTO

ISLAMABAD - Chinese banks will roll over $2.3 billion in deposits in Pakistan's foreign reserves, Pakistani Finance Minister Miftah Ismail said on Thursday.

"The terms and conditions for refinancing of RMB 15 billion deposit by Chinese banks (about US$ 2.3 billion) have been agreed," Ismail said in a tweet.

"Inflow is expected shortly after some routine approvals from both sides. This will help shore up our foreign exchange reserves," he said.

(Reporting by Asif Shahzad; Editing by Angus MacSwan)

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