ISLAMABAD – Pakistan on Tuesday received a $500 million funds from Asian Infrastructure Investment Bank as the cash-strapped country battles to stave off an economic crisis.
The funds are a sigh of relief as Pakistan’s foreign exchange reserves have continued to plunge over the past year.
The country’s new finance chief Ishaq Dar confirmed the development as Asian Infrastructure Investment Bank (AIIB) has transferred $500 million into the State Bank of Pakistan (SBP) as part of program financing.
Asian Infrastructure Investment Bank (AIIB) has transferred today, as per their Board’s approval, to State Bank of Pakistan/Government of Pakistan— Ishaq Dar (@MIshaqDar50) November 29, 2022
US $ 500 million as program financing.
The funds are part of ADB’s $1.5 billion Building Resilience Under Active Countercyclical Expenditures (BRACE) Program which aimed to stable foreign exchange reserves.
It will contribute to the economy as the country is already facing adverse impacts after unprecedented floods.
The development comes as a $1 billion repayment on the Sukuk is due in the first week of the coming month.
Lately, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan dropped by 1.68pc on a week-on-week basis, data shows as the perception of the country’s risk of default worsened in recent times, which is being ruled out by ruling alliance leaders.
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 February 03, 2023 (Friday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||333.31||333.61|
|Hong Kong Dollar||HKD||34.19||34.54|
|New Zealand Dollar||NZD||173.25||175.25|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 212,900 on Friday. The price of 10 grams of 24k gold was recorded at Rs182,530.
Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.
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.
|Lahore||PKR 212,900||PKR 2,420|
|Karachi||PKR 212,900||PKR 2,420|
|Islamabad||PKR 212,900||PKR 2,420|
|Peshawar||PKR 212,900||PKR 2,420|
|Quetta||PKR 212,900||PKR 2,420|
|Sialkot||PKR 212,900||PKR 2,420|
|Attock||PKR 212,900||PKR 2,420|
|Gujranwala||PKR 212,900||PKR 2,420|
|Jehlum||PKR 212,900||PKR 2,420|
|Multan||PKR 212,900||PKR 2,420|
|Bahawalpur||PKR 212,900||PKR 2,420|
|Gujrat||PKR 212,900||PKR 2,420|
|Nawabshah||PKR 212,900||PKR 2,420|
|Chakwal||PKR 212,900||PKR 2,420|
|Hyderabad||PKR 212,900||PKR 2,420|
|Nowshehra||PKR 212,900||PKR 2,420|
|Sargodha||PKR 212,900||PKR 2,420|
|Faisalabad||PKR 212,900||PKR 2,420|
|Mirpur||PKR 212,900||PKR 2,420|