Pakistan makes $1 billion bond payment to avert default risk

12:51 AM | 3 Dec, 2022
Pakistan makes $1 billion bond payment to avert default risk
Source: Social media

ISLAMABAD – Keeping in view its payment obligations, Pakistan on Friday paid the $1 billion it owed to creditors in sukuk bonds.

As Pakistan’s foreign exchange reserves have dipped to a dangerously low level, there were concerns whether Pakistan would be able to pay off its creditors or default.

However, after Saudi Arabia agreed to extend the term of $3 billion it has parked with the State Bank of Pakistan (SBP) and Pakistan received a $500 million injection from the Asian Infrastructure Investment Bank (AIIB) earlier in the week, Islamabad managed to squeeze out $1 billion to pay to the creditors.

Pakistan was due to pay the $1 billion sukuk bond on December 5 but it made the payment earlier.

One reason for the early payment is that December 5 would be a weekend. The other was that the early payment could enhance investors' confidence in Pakistan.

The $1 billion sukuk bond was obtained about a decade ago, and early repayment would go some way in helping Pakistan secure funding this year.

Daily Pakistan Global Web Desk


US Dollar, Euro, Dirham, Pound, Riyal Rate in Pakistan Today - Currency Rates 23 July 2024

Pakistani currency rates against US Dollar and other currencies on July 23, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.25 for buying and 280.70 for selling. Euro's buying rate remains stable at 354.5 and selling rate is 358.35.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
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 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65


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