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Pakistan raises $1 billion through Sukuk bond

06:29 PM | 25 Jan, 2022
Pakistan raises $1 billion through Sukuk bond

ISLAMABAD – Pakistan has raised $1 billion with 7-year tenor asset-backed Sukuk bond, offering the highest ever interest rate of 7.95 percent on an Islamic bond.

The move marked re-entry of the South Asian country into the Islamic-dominated Sukuk bond market at a time when its foreign reserves have dropped by $2 billion to nearly $17 billion in the past two weeks due to debt repayments.

Finance Ministry spokesman Muzammil Aslam said that the surge in interest rates in the United States and Europe had served blows to the international debt markets since December 2021.

“So given the situation, we have got the good deal in this uncertain time,” he told Reuters.

The Ministry of Finance said the country needed to raise the loan to maintain foreign exchange reserves at their levels ahead of some major debt repayments.

Pakistan has agreed to pledge a portion of the Lahore-Islamabad Motorway (M2) to raise debt from the international market.

The external account deficit of the country is also widening due to surge in global commodity prices — in particular oil, which makes up about a third of the country’s payments.

The development comes days ahead an IMF review board is set to review Pakistan’s performance on January 29 to approve a $1 billion tranche of a $6 billion loan signed with Pakistan in 2019.

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US Dollar, Euro, Pound, Dirham, Riyal Rate in Pakistan Today Open Market Rates - 15 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 15, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.8 for buying and 280.75 for selling. Euro's buying rate moves up to 301.25 and selling rate is 303.15.

British Pound rate is 355.15 for buying, and 358.65 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.65.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)       
Currency Symbol Buying Selling
US Dollar USD 279.8 280.75
Euro EUR 301.25 303.15
UK Pound Sterling GBP 355.15 358.65
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.65 74.37
Australian Dollar AUD 184.55 186.35
Bahrain Dinar BHD 741 749
Canadian Dollar CAD 203.75 205.75
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.15 311.65
Thai Bhat THB 7.5 7.65



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