ISLAMABAD – Saudi Arabia has signed an agreement with Pakistan to finance the oil derivatives worth $1 billion to the South Asian nation.
In a statement, the Economic Affairs division said Islamabad and Riyadh signed a pact to finance oil derivatives worth $1 billion in the presence of officials from friendly nations.
EAD said the Secretary Ministry of Economic Affairs Dr Kazim Niaz and Chief Executive Officer (CEO) of the SFD Sultan Abdulrahman Al-Marshad signed the agreement in the federal capital.
Secretary Ministry EAD said the recent agreement was an extension of signed pacts to finance oil derivatives in Pakistan. Saudi Fund for Development put $1.4 billion to cater more than 40 projects and programmes aimed to augment financial stability in the cash-strapped country, he said.
Following directives from King Salman bin Abdulaziz Al Saud & HRH Mohammed bin Salman, #SFD CEO Mr. Sultan Al-Marshad, signed an agreement with Pakistan’s Secretary Ministry of Economic Affairs, Dr. Kazim Niaz, to finance oil derivatives worth USD 1 Billion to #Pakistan. pic.twitter.com/5NTg779gS9— الصندوق السعودي للتنمية (@SaudiFund_Dev) January 12, 2023
The Chief of the Saudi fund mentioned Kingdom’s continued commitment to supporting the brotherly nation.
The recent development comes days after Pakistan's Army Chief completed his weeklong tour of Saudi Arabia and the UAE, which was said to be 'economic diplomacy' to ease the ongoing crisis, that worsened over the last couple of months and now the sword of default is hanging over Pakistan.
Following the visit, Saudi crown prince Mohammed bin Salman ordered to study augmenting Kingdom's investments to $10 billion in Pakistan.
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 February 1, 2023 (Wednesday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||330.48||331.18|
|Hong Kong Dollar||HKD||33.72||34.07|
|New Zealand Dollar||NZD||171.35||173.35|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs202,000 on Wednesday. The price of 10 grams of 24k gold was recorded at Rs173,190.
Likewise, 10 grams of 22k gold were being traded for Rs164,500 while a single tola of 22-karat gold was being sold at Rs 179,100.
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.
|Lahore||PKR 202,000||PKR 2,390|
|Karachi||PKR 202,000||PKR 2,390|
|Islamabad||PKR 202,000||PKR 2,390|
|Peshawar||PKR 202,000||PKR 2,390|
|Quetta||PKR 202,000||PKR 2,390|
|Sialkot||PKR 202,000||PKR 2,390|
|Attock||PKR 202,000||PKR 2,390|
|Gujranwala||PKR 202,000||PKR 2,390|
|Jehlum||PKR 202,000||PKR 2,390|
|Multan||PKR 202,000||PKR 2,390|
|Bahawalpur||PKR 202,000||PKR 2,390|
|Gujrat||PKR 202,000||PKR 2,390|
|Nawabshah||PKR 202,000||PKR 2,390|
|Chakwal||PKR 202,000||PKR 2,390|
|Hyderabad||PKR 202,000||PKR 2,390|
|Nowshehra||PKR 202,000||PKR 2,390|
|Sargodha||PKR 202,000||PKR 2,390|
|Faisalabad||PKR 202,000||PKR 2,390|
|Mirpur||PKR 202,000||PKR 2,390|