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UAE announces $3 billion package for Pakistan

02:18 PM | 21 Dec, 2018
UAE announces $3 billion package for Pakistan
DUBAI - The United Arab Emirates has announced its intention to deposit US$3 billion in the State Bank of Pakistan in a major bailout package for the country facing a Balance of Payment crisis.

The Abu Dhabi Fund for Development said in a statement on Friday that it will deposit the said amount in the coming days to enhance liquidity and monetary reserves of foreign currency at the Bank.

The country's support for Pakistan's fiscal policy is based on the historical ties between the two people and the two friendly countries and the desire to further develop the bilateral cooperation in all fields, the statement said.

It continued that the Abu Dhabi Fund for Development has financed eight development projects in Pakistan with a total value of AED1.5 billion, including AED931 million in grants.

"The funds covered projects in sectors such as energy, health, education and roads," the statement added.

Following the announcement, Prime Minister Imran Khan thanked the UAE government for supporting Pakistan.

https://twitter.com/ImranKhanPTI/status/1076036037154082816

"...This reflects our commitment and friendship that has remained steadfast over the years," the premier said in a tweet.

The bailout package comes days after Pakistan received the second tranche of $1 billion from Oil-rich Saudi Arabia after which the country's foreign exchange reserves reached $8.26 billion.

Financial experts say the latest deposits will ease pressure on Pakistan’s foreign currency reserves and the rupee.

https://en.dailypakistan.com.pk/pakistan/incoming-saudi-investment-package-biggest-in-history-asad-umar/

The ruling Pakistan Tehreek-e-Insaf government has also approached China and is in negotiation with the International Monetary Fund to seek packages to support the economy.

Finance Minister Asad Umar had also claimed that the country's foreign exchange reserves have increased by 12.5 percent after the recent deposits.

He also disclosed that the incoming Saudi package would be the biggest in country's history; both Saudia and Emirati crown princes are expected to visit Pakistan in 2019, with investment in focus.

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Rupee remains stable against US dollar, Euro, Pound, Dirham and Riyal; check forex rates

Pakistani rupee remained stable against US dollar in the open bank market on Friday.

Dollar Rate in Pakistan Today

On Friday, the US dollar was being quoted at 285.3 for buying and 288.15 for selling.

Euro moves down to 311 for buying and 314 for selling. British Pound rate stands at 358.5 for buying, and 361.5 for selling.

UAE Dirham AED stands at 78 whereas the Saudi Riyal rate stands at 76.20.

Today's currency exchange rates in Pakistan – 1 December 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.3 288.15
Euro EUR 311 314
UK Pound Sterling GBP 358.5 361.5
U.A.E Dirham AED 78 78.7
Saudi Riyal SAR 76.2 77
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 759.67 767.67
Canadian Dollar CAD 209 211
China Yuan CNY 39.59 39.98
Danish Krone DKK 41.38 41.78
Hong Kong Dollar HKD 36.63 36.98
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 926.7 935.7
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 741.26 749.26
Qatari Riyal ‎QAR 77.63 78.33
Singapore Dollar SGD 211 213
Swedish Korona SEK 26.93 27.23
Swiss Franc CHF 325.9 328.4
Thai Bhat THB 8.23 8.38

Gold rates drop in Pakistan; Check today’s gold rates 1 December 2023

KARACHI – The gold price continues to climb up in the local market in line of upward trend in international market.

Gold Rates in Pakistan Today - 1 December 2023

On Thursday, the single tola of 24 Karat gold was available at Rs217,400, and the price for 10-gram gold reached Rs186,390.

Meanwhile, the 22 Karat Gold price stands at Rs199,282, 21 karat rate for each tola is Rs190,225 and 18k gold rate hovers around Rs163,050.

In international market, the price of precious metal hovers around $2,045 per ounce.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 217,400 PKR 2,696
Karachi PKR 217,400 PKR 2,696
Islamabad PKR 217,400 PKR 2,696
Peshawar PKR 217,400 PKR 2,696
Quetta PKR 217,400 PKR 2,696
Sialkot PKR 217,400 PKR 2,696
Attock PKR 217,400 PKR 2,696
Gujranwala PKR 217,400 PKR 2,696
Jehlum PKR 217,400 PKR 2,696
Multan PKR 217,400 PKR 2,696
Bahawalpur PKR 217,400 PKR 2,696
Gujrat PKR 217,400 PKR 2,696
Nawabshah PKR 217,400 PKR 2,696
Chakwal PKR 217,400 PKR 2,696
Hyderabad PKR 217,400 PKR 2,696
Nowshehra PKR 217,400 PKR 2,696
Sargodha PKR 217,400 PKR 2,696
Faisalabad PKR 217,400 PKR 2,696
Mirpur PKR 217,400 PKR 2,696

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