ISLAMABAD – Pakistan on Saturday asked China to roll over its $6.3 billion debts that are set to be matured after eight months as Finance Minister Ishaq Dar is exploring options to manage external financing requirements of $34 billion.
The flood-hit South Asia country has already secured one-year extension in a $3 billion deposit, which has been parked in the State Bank of Pakistan (SBP) by Saudi Arabia. It is now making efforts to get rollover from China to arrange the remaining $29 billion.
Reports said that the Pakistani finance minister had discussed the issue of rollover and refinancing of nearly $6.3 billion commercial loans and the central bank debt in a meeting with Chinese Ambassador Nong Rong.
"The $3.3 billion Chinese commercial loans and the $3 billion worth SAFE deposits loans were maturing from now till June next year," the Express Tribune reported.
"The SAFE deposit is on the balance sheet of the central bank. In addition to this, over $900 million bilateral Chinese debt was becoming due during the current fiscal year."
The development comes as Prime Minister Shehbaz Sharif is scheduled to visit China next month.
Pakistani rupee continued its momentum against the US dollar, and orther currencies in the open market on Thursday, as the local currency also improved in the inter-bank market.
On Thursday, the US dollar moved down and was being quoted at 283.2 for buying and 286.15 for selling.
Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.41||36.76|
|New Zealand Dollar||NZD||174.54||176.54|
Gold price in Pakistan remained under pressure as the yellow metal moved down despite an upward trend in the international market.
On Thursday, the price of a single tola of 24-karat gold stands at Rs217,100 and 10 grams of 24k gold costs Rs186,130.
Single tola of 22 Karat Gold costs Rs199,000, 21 karat rate for per tola is Rs189,960 and 18k gold rate is Rs162,825.00 for each tola.
In the global market, gold prices hover at around $2026, gaining $8.30 on Thursday.
Today Gold Price in Pakistan (4 September 2023)
|Lahore||PKR 217,100||PKR 2,565|
|Karachi||PKR 217,100||PKR 2,565|
|Islamabad||PKR 217,100||PKR 2,565|
|Peshawar||PKR 217,100||PKR 2,565|
|Quetta||PKR 217,100||PKR 2,565|
|Sialkot||PKR 217,100||PKR 2,565|
|Attock||PKR 217,100||PKR 2,565|
|Gujranwala||PKR 217,100||PKR 2,565|
|Jehlum||PKR 217,100||PKR 2,565|
|Multan||PKR 217,100||PKR 2,565|
|Bahawalpur||PKR 217,100||PKR 2,565|
|Gujrat||PKR 217,100||PKR 2,565|
|Nawabshah||PKR 217,100||PKR 2,565|
|Chakwal||PKR 217,100||PKR 2,565|
|Hyderabad||PKR 217,100||PKR 2,565|
|Nowshehra||PKR 217,100||PKR 2,565|
|Sargodha||PKR 217,100||PKR 2,565|
|Faisalabad||PKR 217,100||PKR 2,565|
|Mirpur||PKR 217,100||PKR 2,565|