Saudi Arabia to deposit $2 billion in SBP before IMF bailout, says Pakistan’s defence minister 

03:03 PM | 27 May, 2023
Saudi Arabia to deposit $2 billion in SBP before IMF bailout, says Pakistan’s defence minister 
Source: File Photo

ISLAMABAD – Defense Minister Khawaja Asif said Saudi Arabia would be depositing funds worth $2 billion in the State Bank of Pakistan (SBP) in order to help the cash-strapped South Asia country to revive the IMF loan programme stalled since September last. 

The cash-strapped country is scrambling to complete the ninth review to secure $1.1 billion loan from the global lender but clouds of uncertainty overhang despite meeting multiple condition, including free floating of local currency and massive taxes on electricity. 

In line with the IMF conditions, Pakistan has already secured assurance of $2 billion from Saudi Arabia and $1 billion from the UAE.

“The IMF asked them (Saudi Arabia) to give that commitment to them. They (Saudi Arabia) have already given that, that means that they will pay [the funds to Pakistan],” Asif told Arab News in an interview on Thursday. 

He said the kingdom will prove the funds before the IMF programme. The global lender is not giving Pakistan any big amount, he said, adding: “It is just a program which we have to complete till 30th of June.” 

The IMF bailout program is set to expire on June 30, which has prompted the PDM government to explore other options to avert default. 

Asif said that Pakistan is receiving assistance from UAE, Saudi Arabia, China and some other sources, hoping that the country would manage to overcome the economic crisis. 

Responding to a question about the return of his Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif, he said efforts were being made to get the former prime minister’s conviction in graft cases overturn before his return to Pakistan from London.


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on Sept 30, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 30, 2023 (Saturday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 286.05 289.15
Euro EUR 307 310
UK Pound Sterling GBP 353.3 357
U.A.E Dirham AED 80 80.8
Saudi Riyal SAR 76 76.75
Australian Dollar AUD 189 191
Bahrain Dinar BHD 778.84 786.84
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.24 40.64
Danish Krone DKK 41.83 42.23
Hong Kong Dollar HKD 37.93 38.28
Indian Rupee INR 3.57 3.68
Japanese Yen JPY 1.63 1.71
Kuwaiti Dinar KWD 945.27 954.27
Malaysian Ringgit MYR 62.62 63.22
New Zealand Dollar NZD 174.58 176.58
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 762.31 770.31
Qatari Riyal ‎QAR 80.69 81.39
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 323.01 325.51
Thai Bhat THB 8.12 8.27

Gold Rate in Pakistan Today – September 30, 2023

Today Gold Rate in Pakistan

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 205,600 on Saturday.

The price of 10 grams of 24k gold was recorded at Rs 176,270. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 30 September 2023

City Gold Silver
Lahore PKR 205,600 PKR 2,450
Karachi PKR 205,600 PKR 2,450
Islamabad PKR 205,600 PKR 2,450
Peshawar PKR 205,600 PKR 2,450
Quetta PKR 205,600 PKR 2,450
Sialkot PKR 205,600 PKR 2,450
Attock PKR 205,600 PKR 2,450
Gujranwala PKR 205,600 PKR 2,450
Jehlum PKR 205,600 PKR 2,450
Multan PKR 205,600 PKR 2,450
Bahawalpur PKR 205,600 PKR 2,450
Gujrat PKR 205,600 PKR 2,450
Nawabshah PKR 205,600 PKR 2,450
Chakwal PKR 205,600 PKR 2,450
Hyderabad PKR 205,600 PKR 2,450
Nowshehra PKR 205,600 PKR 2,450
Sargodha PKR 205,600 PKR 2,450
Faisalabad PKR 205,600 PKR 2,450
Mirpur PKR 205,600 PKR 2,450


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter