Govt plans to issue $1 billion Sukuk Bond after Eid

07:20 PM | 2 Sep, 2017
Govt plans to issue $1 billion Sukuk Bond after Eid
ISLAMABAD – The government has decided to launch Sukuk Bond worth around $1 billion after Eidul Azha to meet the fiscal deficit. The News reported.

Talking to the newspaper, Finance Minister Ishaq Dar confirmed that the process to issue international bond will be kicked-off after the Eid, while it will be launched after analysing the market situation with advice of joint leader managers (JLMs).

The Ministry of Finance had put forward a plan to Dar suggesting the launch of Sukuk or Eurobond in the first halt (July-December) of the current fiscal year 2017-18 in order to bridge increasing financial gap facing under the current account and fiscal heads.

The media out let quoting an official from the ministry stated that the process for selection of the JLM will be completed by early November, while an advertisement in this regard will be released after the Eid.

Pakistan’s total liquid foreign reserves stood at $20.001 billion — SBP held $14.3423 billion and private banks $5.657 billion — on August 25, 2017. During the week ending on Aug 25, the state bank reserves dipped to $32 million.

In wake of the current account, Pakistan is facing a deficit of $12 billion for the last fiscal year 2016-17. The government had aimed at bringing the deficit level down to $10 billion in running financial year, but it slightly surged $2 during July 2017.

Keeping in view the growing deficit, different commercial banks are seeking the launch of Sukuk or Euro bond, while some international banks advising the government to launch the Euro bond instead of Sukuk due to his clientage base in EU and the US.

The official feared that the government will have to approach the IMF in 2018 if the plan regarding the bond is not realized, adding that now it is up to the government how it handles the situation.


US Dollar, Euro, Pound, Dirham, Riyal Rate in Pakistan Today Open Market Rates - 15 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 15, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.8 for buying and 280.75 for selling. Euro's buying rate moves up to 301.25 and selling rate is 303.15.

British Pound rate is 355.15 for buying, and 358.65 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.65.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)       
Currency Symbol Buying Selling
US Dollar USD 279.8 280.75
Euro EUR 301.25 303.15
UK Pound Sterling GBP 355.15 358.65
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.65 74.37
Australian Dollar AUD 184.55 186.35
Bahrain Dinar BHD 741 749
Canadian Dollar CAD 203.75 205.75
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.15 311.65
Thai Bhat THB 7.5 7.65


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