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Pakistan requests China to rollover $2 billion loan

02:57 PM | 26 Jan, 2024
Pakistan requests China to rollover $2 billion loan
Source: File Photo

ISLAMABAD – Pakistan has asked China to rollover a $2 billion loan for another year after it sought same concession from the United Arab Emirates (UAE).

Reports said caretaker Prime Minister Anwaarul Haq Kakar has sent a letter to China's Premier Li Keqiang in this regard.  

The deposit time of $2 billion loan is set to complete on March 23, 2024 while the officials from Pakistan's finance ministry are in contact with Chinese authorities about the matter.

PM Kakar, in his letter, thanked the Chinese government for extending financial support to Pakistan. He added that the all-weather friend provided loan to Pakistan in a difficult economic situation.

Earlier this month, the United Arab Emirates (UAE) rolled over its $2 billion deposits placed with State Bank of Pakistan (SBP) for another year, providing breather to the South Asian country amid economic crisis. 

The development was confirmed by the central bank in a post shared on social media platform X, formerly Twitter. 

“UAE has confirmed rollover of its two deposits of US$1.0 billion each placed with State Bank of Pakistan for another one year which were maturing in January 2024,” read the official statement.

In January 2023, the UAE had also agreed to rollover the existing debt of $2 billion of Pakistan and provided additional $1 billion loan to help the country strengthen its forex reserves.

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
 
26.66
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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