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Pakistan may get $1.3 billion in financing from Chinese bank in coming days

09:00 PM | 3 Mar, 2023
Pakistan may get $1.3 billion in financing from Chinese bank in coming days

ISLAMABAD – Finance Minister Ishaq Dar said on Friday Pakistan is expected to receive $1.3 billion in financing from the Industrial and Commercial Bank of China in the coming days to help improve its foreign exchange reserves.

Addressing a press conference, he hoped that by June 30 the State Bank of Pakistan's (SBP) reserves will improve to $10 billion and national reserves to $16 billion.

Dar the government has a roadmap and policies for taking the country out of the current economic problems. Regarding the progress of negotiations with the International Monetary Fund (IMF) for a bailout programme, Dar said all prior conditions demanded by the Fund have been fulfilled.

He categorically rejected the impression of a default and said “we have never defaulted and we won't now despite going through a precarious situation”.

He said the current government had made a principled decision to save the state at the cost of its political capital. He slammed the PTI chief, calling on him to reflect on his own past and government's performance.

The finance minister said Imran's attitude was selfish, adding that oppositions around the world worked together with the government on national issues.

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 22 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.

UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.

Today’s currency exchange rates in Pakistan - 22 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300.2 303.2
UK Pound Sterling GBP 350.6 354.1
U.A.E Dirham AED 76.2 76.95
Saudi Riyal SAR 74.45 75.2
Australian Dollar AUD 181.15 183.15
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207.15 209.15
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207.1 209.1
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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