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Pakistan gets first chunk of Saudi-promised aid

Mahmood Idrees 09:39 AM | 20 Nov, 2018
Pakistan gets first chunk of Saudi-promised aid
KARACHI - Efforts being made by Prime Minister Imran Khan and his team have started yielding results as Pakistan on Monday received the first instalment of the bailout package pledged by the Saudi Arabia.

A spokesperson from the State Bank of Bank (SBP) confirmed that the country has received $1 billion out of total $3 billion as the balance of payment support.

The remaining $2 billion is likely to be transferred within a few days, he said. The central bank will show the funds from Saudi Arabia on November 29 in its weekly report on foreign exchange reserves.

In October, the Kingdom had agreed to loan Pakistan $3 billion for one year as a balance of payment support and to provide a one-year deferred payment facility for oil payments, up to $3 billion, Foreign Office said in a press release.

It added that the Prime Minister's visit to Saudi Arabia had resulted in significant understandings between Pakistan and Saudi Arabia.

It said Saudi Arabia will place a deposit of $3 billion for a period of one year as a balance of payment support.

The Kingdom also promised to provide a one-year deferred payment facility for import of oil, up to $3 billion. This arrangement will be in place for three years.

"At the invitation of the Custodian of the Two Holy Mosques, His Majesty, King Salman bin Abdulaziz, the Prime Minister of the Islamic Republic of Pakistan, PM Imran Khan visited Saudi Arabia to participate in the Future Investment Initiative (FII) Conference on 22-23 October 2018," according to the Foreign Office.

During the visit, the prime minister had detailed bilateral discussions with His Majesty, King Salman bin Abdul Aziz, and His Royal Highness, Crown Prince Muhammad bin Salman.

The Crown Prince agreed to the Prime Minister's suggestion to reduce visa fee for Pakistani workers, which is a significant step towards enhancing Pakistan's workforce in Saudi Arabia, as well as facilitating travel of people from both countries.

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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)

Currency Symbol Buying Selling
US Dollar ‎USD 269.9 272.85
Euro EUR 290.22 290.82
UK Pound Sterling GBP 330.48 331.18
U.A.E Dirham AED 72.78 73.08
Saudi Riyal SAR 71.23 71.53
Australian Dollar AUD 190 193
Bahrain Dinar BHD 702.68 710.68
Canadian Dollar CAD 201.75 205
China Yuan CNY 39.15 39.55
Danish Krone DKK 38.6 39
Hong Kong Dollar HKD 33.72 34.07
Indian Rupee INR 3.24 3.35
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 865.31 874.31
Malaysian Ringgit MYR 62.24 62.84
New Zealand Dollar NZD 171.35 173.35
Norwegians Krone NOK 26.76 27.06
Omani Riyal OMR 686.49 694.49
Qatari Riyal ‎QAR 72.58 73.28
Singapore Dollar SGD 201.2 203.2
Swedish Korona SEK 25.45 25.75
Swiss Franc CHF 286.19 288.69
Thai Bhat THB 8.06 8.21

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.

City Gold Silver
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

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