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

Haider Ali 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.

Haider Ali

The writer is a civil servant.


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on June 1, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on June 1, 2023 (Thursday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 310.9 314.15
Euro EUR 330 333.3
UK Pound Sterling GBP 382.5 386.3
U.A.E Dirham AED 84.8 85.6
Saudi Riyal SAR 82.2 83
Australian Dollar AUD 201 203
Bahrain Dinar BHD 758.25 766.25
Canadian Dollar CAD 227 229.2
China Yuan CNY 40.26 40.66
Danish Krone DKK 41.04 41.44
Hong Kong Dollar HKD 36.39 36.74
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.25 2.45
Kuwaiti Dinar KWD 927.17 936.17
Malaysian Ringgit MYR 61.94 62.54
New Zealand Dollar NZD 172.79 174.79
Norwegians Krone NOK 25.67 25.97
Omani Riyal OMR 740.96 748.96
Qatari Riyal ‎QAR 78.37 79.07
Singapore Dollar SGD 220 222
Swedish Korona SEK 26.36 26.66
Swiss Franc CHF 315.04 317.54
Thai Bhat THB 8.21 8.36

Today's gold rates in Pakistan – June 1, 2023

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 230,500 on Thursday. The price of 10 grams of 24k gold was recorded at Rs197,620.   

Likewise, 10 grams of 22k gold were being traded for Rs181,150 while a single tola of 22-karat gold was being sold at Rs 211,290.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 230,500  PKR 2125
Karachi PKR 230,500  PKR 2125
Islamabad PKR 230,500  PKR 2125
Peshawar PKR 230,500  PKR 2125
Quetta PKR 230,500  PKR 2125
Sialkot PKR 230,500  PKR 2125
Attock PKR 230,500  PKR 2125
Gujranwala PKR 230,500  PKR 2125
Jehlum PKR 230,500  PKR 2125
Multan PKR 230,500  PKR 2125
Bahawalpur PKR 230,500  PKR 2125
Gujrat PKR 230,500  PKR 2125
Nawabshah PKR 230,500  PKR 2125
Chakwal PKR 230,500  PKR 2125
Hyderabad PKR 230,500  PKR 2125
Nowshehra PKR 230,500  PKR 2125
Sargodha PKR 230,500  PKR 2125
Faisalabad PKR 230,500  PKR 2125
Mirpur PKR 230,500  PKR 2125


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