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Pakistan receives second $1b bailout package from Saudi Arabia

Web Desk 03:42 PM | 14 Dec, 2018
Pakistan receives second $1b bailout package from Saudi Arabia
ISLAMABAD – Pakistan’s foreign exchange reserves received a $1 billion boost on Friday as the second tranche of the bailout package was received from Saudi Arabia, said the State Bank of Pakistan (SBP).

With the latest deposit, the central bank's foreign reserves now stand at $9.4 billion. The third instalment is expected to arrive in January 2019, SBP Spokesman Abid Qamar said.

In October, Prime Minister Imran Khan visited Riyadh on the invitation of King Salman bin Abdul Aziz to participate in the Future Investment Initiative (FII) Conference. During the meeting, the Saudi royals agreed to provide Pakistan $3bn in foreign currency support for a year to address its balance-of-payments crisis.

Additionally, the Kingdom had also agreed to park $3 billion in Pakistan’s foreign currency reserves for a year and establish a credit line worth $3 billion for the sale of petroleum products on credit for three years.

The first tranche of $1bn from Saudi Arabia was received on Nov 9.

According to figures shared by Prime Minister Imran Khan in October, the country's total foreign debt had surged to Rs30,000b within the last decade, while circular debt had reached Rs1,200b.

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ISLAMABAD – Pakistani rupee finally ended its losing streak against US dollar on Tuesday, gaining Rs4.43 after massive depreciation over the last week.

During the intra-day trading, the rupee was hovering at 266.75 with an appreciation of around 1.07 percent as talks between Pakistan and IMF underway for a stalled bailout programme.

Earlier on Monday, the rupee plunged by Rs7 and the greenback touched all-time high of Rs272. Last week, the local currency dropped by Rs24.54 in the interbank market – the largest single-day depreciation in more than two decades.

Finance experts linked the rupee’s recovery to exporters offloading some of their proceeds as remittances and export continued days after dollar cap was removed.

The country of over 220 million is facing a worst economic crisis with the forex reserved held by the country’s central bank remaining at critical $3.68 billion which were not enough to cover a month's import.

https://en.dailypakistan.com.pk/30-Jan-2023/gold-continues-to-shine-hits-all-time-high-of-rs210-500-in-pakistan

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs205,900 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs176,530.

Likewise, 10 grams of 22k gold were being traded for Rs162,500 while a single tola of 22-karat gold was being sold at Rs 182,100.

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.

City Gold Silver
Lahore PKR 205,900 PKR 2,370
Karachi PKR 205,900 PKR 2,370
Islamabad PKR 205,900 PKR 2,370
Peshawar PKR 205,900 PKR 2,370
Quetta PKR 205,900 PKR 2,370
Sialkot PKR 205,900 PKR 2,370
Attock PKR 205,900 PKR 2,370
Gujranwala PKR 205,900 PKR 2,370
Jehlum PKR 205,900 PKR 2,370
Multan PKR 205,900 PKR 2,370
Bahawalpur PKR 205,900 PKR 2,370
Gujrat PKR 205,900 PKR 2,370
Nawabshah PKR 205,900 PKR 2,370
Chakwal PKR 205,900 PKR 2,370
Hyderabad PKR 205,900 PKR 2,370
Nowshehra PKR 205,900 PKR 2,370
Sargodha PKR 205,900 PKR 2,370
Faisalabad PKR 205,900 PKR 2,370
Mirpur PKR 205,900 PKR 2,370

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