ISLAMABAD – China okayed the rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits for one year.
Federal Finance Minister Ishaq Dar announced this while talking to a private publication.
It was one of the requirements of the IMF for getting the rollover of Chinese SAFE deposits for meeting external financing needs in order to move towards striking the much-awaited staff-level agreement.
There are nine tables under the Memorandum of Economic and Financial Policies (MEFP) that require to be filled.
IMF has asked Pakistan to bridge the gap of $6 billion is simply an attempt to ensure its credibility. Non-materialisation may result in Pakistan sliding into default.
The Fund was forced to put forth this condition on the negotiating table largely because representatives of Gulf countries on the Executive Board had made commitments before the approval of the seventh and eighth reviews for providing financial assistance to Islamabad in different forms. These included additional deposits and investments.
Now, all eyes are on the Kingdom of Saudi Arabia (KSA), the UAE and Qatar to bail out Pakistan’s struggling economy.
Only China had come forward to rescue Islamabad by fulfilling its commitments on the re-financing of its commercial loans as well as the rollover of its SAFE deposits.
Pakistani rupee remained stable against US dollar, and other currencies in the open market amid strong economic cues.
On Sunday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.
Euro moves down to 309.9 for buying and 310.5 for selling. British Pound rate stands at 359.4 for buying, and 360.05 for selling.
UAE Dirham AED also moved down to 77.45 whereas the Saudi Riyal drops to 75.82.
|UK Pound Sterling||GBP||359.4||360.05|
|Hong Kong Dollar||HKD||36.38||36.48|
|New Zealand Dollar||NZD||173.44||175.44|
The price of gold increased by thousands of rupees due to an upward trend in the international market.
On Sunday, the price of a single tola of 24-karat gold stands at Rs219,800 and 10 grams of 24k gold costs Rs188,450.
Meanwhile, single tola of 22 Karat gold costs Rs201,482, 21 karat rate costs Rs192,325 and 18k gold rate is Rs164,850.
Globally, gold prices hover at around $2072, gaining $32 on Sunday.
|Lahore||PKR 219,800||PKR 2,730|
|Karachi||PKR 219,800||PKR 2,730|
|Islamabad||PKR 219,800||PKR 2,730|
|Peshawar||PKR 219,800||PKR 2,730|
|Quetta||PKR 219,800||PKR 2,730|
|Sialkot||PKR 219,800||PKR 2,730|
|Attock||PKR 219,800||PKR 2,730|
|Gujranwala||PKR 219,800||PKR 2,730|
|Jehlum||PKR 219,800||PKR 2,730|
|Multan||PKR 219,800||PKR 2,730|
|Bahawalpur||PKR 219,800||PKR 2,730|
|Gujrat||PKR 219,800||PKR 2,730|
|Nawabshah||PKR 219,800||PKR 2,730|
|Chakwal||PKR 219,800||PKR 2,730|
|Hyderabad||PKR 219,800||PKR 2,730|
|Nowshehra||PKR 219,800||PKR 2,730|
|Sargodha||PKR 219,800||PKR 2,730|
|Faisalabad||PKR 219,800||PKR 2,730|
|Mirpur||PKR 219,800||PKR 2,730|