Pakistan has a staggering Rs64 trillion worth of internal and external debt, according to the data released by the State Bank of Pakistan (SBP).
This implies that each Pakistani citizen owes Rs250,000.
The SBP released data on the loans the federal government had taken on Thursday.
According to the data, the federal government took a fresh loan of Rs2.218 trillion in August 2023.
As a result, local loans to Pakistan have climbed by 24% to a total of Rs39.792 trillion.
In the same vein, the country's external debt burden rose from 39% to Rs24.175 trillion.
The SBP numbers reveal that in the first two months of the current fiscal year, the cost of the federal government's debt servicing jumped by 44% to Rs1.534 trillion.
The nation's economy is seriously threatened by the rising level of its debt.
The government's budget is under pressure due to the high cost of servicing this debt, which makes it challenging to fund important initiatives like healthcare and education.
Pakistani rupee remained stable against the US dollar, and other currencies in the open market on Friday.
On Friday, the US dollar remained stable and was being quoted at 283.2 for buying and 286.15 for selling.
Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency | Symbol | Buying | Selling |
US Dollar | USD | 283.2 | 286.15 |
Euro | EUR | 308 | 311 |
UK Pound Sterling | GBP | 358.5 | 362 |
U.A.E Dirham | AED | 77.4 | 78.1 |
Saudi Riyal | SAR | 76 | 76.8 |
Australian Dollar | AUD | 187.2 | 189 |
Bahrain Dinar | BHD | 757.23 | 765.23 |
Canadian Dollar | CAD | 209 | 211 |
China Yuan | CNY | 39.89 | 40.29 |
Danish Krone | DKK | 41.19 | 41.59 |
Hong Kong Dollar | HKD | 36.41 | 36.71 |
Indian Rupee | INR | 3.42 | 3.53 |
Japanese Yen | JPY | 1.39 | 1.45 |
Kuwaiti Dinar | KWD | 921.71 | 930.71 |
Malaysian Ringgit | MYR | 61.02 | 61.62 |
New Zealand Dollar | NZD | 174.54 | 176.54 |
Norwegians Krone | NOK | 26.05 | 26.35 |
Omani Riyal | OMR | 739.62 | 747.62 |
Qatari Riyal | QAR | 78.22 | 78.92 |
Singapore Dollar | SGD | 211 | 213 |
Swedish Korona | SEK | 27.12 | 27.42 |
Swiss Franc | CHF | 324.94 | 327.44 |
Thai Bhat | THB | 8.06 | 8.21 |
Gold price in Pakistan increased as the yellow metal witnessed an upward trend in the international market.
On Friday, the price of a single tola of 24-karat gold stands at Rs217,400 and 10 grams of 24k gold costs Rs186,390.
Single tola of 22 Karat Gold costs Rs199,282, 21 karat rate for per tola is Rs190,225 and 18k gold rate is Rs163,050 each tola.
In the global market, gold prices hover at around $2026, gaining $8.30 on Friday.
Today Gold Price in Pakistan (8 December 2023)
City | Gold | Silver |
Lahore | PKR 217,400 | PKR 2,583 |
Karachi | PKR 217,400 | PKR 2,583 |
Islamabad | PKR 217,400 | PKR 2,583 |
Peshawar | PKR 217,400 | PKR 2,583 |
Quetta | PKR 217,400 | PKR 2,583 |
Sialkot | PKR 217,400 | PKR 2,583 |
Attock | PKR 217,400 | PKR 2,583 |
Gujranwala | PKR 217,400 | PKR 2,583 |
Jehlum | PKR 217,400 | PKR 2,583 |
Multan | PKR 217,400 | PKR 2,583 |
Bahawalpur | PKR 217,400 | PKR 2,583 |
Gujrat | PKR 217,400 | PKR 2,583 |
Nawabshah | PKR 217,400 | PKR 2,583 |
Chakwal | PKR 217,400 | PKR 2,583 |
Hyderabad | PKR 217,400 | PKR 2,583 |
Nowshehra | PKR 217,400 | PKR 2,583 |
Sargodha | PKR 217,400 | PKR 2,583 |
Faisalabad | PKR 217,400 | PKR 2,583 |
Mirpur | PKR 217,400 | PKR 2,583 |
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