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Dar hails growing economy as Pakistan issues $1 billion sukuk bond

04:08 PM | 6 Oct, 2016
Dar hails growing economy as Pakistan issues $1 billion sukuk bond
ISLAMABAD (Web Desk) - Pakistan has issued a $1 billion Sukuk bond, returning to the international U.S. dollar Sukuk market after a two-year absence here on Thursday.

Announcing the decision, Federal Minister Ishaq Dar said Pakistan successfully launched the Sukuk bonds worth $1 billion after receiving foreign investors interest worth $2.4 billion which was almost five times higher than our target of $500 million.

Pakistan sold the bonds at 5.5 percent which is the lowest in the history of Pakistan as we never used to sell the bonds below 6 percent level, he said.

“We set an indicative price of 5.75 percent for the selling of the Sukuk bonds, we faced several questions about the stiff condition at the LoC, but the response was overwhelming which showed that confidence of the foreign investors over the Pakistan economy”, Dar explained.

He said encouraging thing for Pakistan has been the recent acknowledgement from the Asian Development Bank, World Bank and IMF and above all Harvard University, opining that the economy of Pakistan is set to grow by on average above 5 percent per annum in coming years.

Ishaq Dar said that some 124 financial institutions shown interest while after finalisation of selling of the bonds, 92 institutions bought Sukuk while the break was 38 percent from the European Union, 27 percent from North America and 27 percent from Middle East and seven percent from Asia.

Ishaq Dar expressed hope that the country’s economy would grow by over 5 percent in the current fiscal year, while the reserves are at satisfactory level.

The lawmaker gainsaid the claim of a news website that Pakistan has to return the amount of $1.5 billion to Saudi Arabia.

“We don’t want to return any amount to our brotherly country. Pakistan Telecommunication Authority should block these kinds of websites for spreading false news,” he said.

Pakistan had raised $1 billion in Sukuk market in 2014.

The writer is a civil servant.

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 18 May 2024 Forex Rates

Pakistani currency rates against US Dollar and other currencies on May 18, 2024 (Saturday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 18 May 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegians Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Bhat THB 7.57 7.72

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