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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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PKR exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 22 April 2024

Pakistani currency remains largely same against US Dollar and other currencies on April 22, 2024 Monday.

USD to PKR rate today

US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

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

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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