Pakistan receives $500mn AIIB lifeline amid depleting forex reserves

03:30 PM | 29 Nov, 2022
Pakistan receives $500mn AIIB lifeline amid depleting forex reserves
Source: File Photo

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.

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.

Daily Pakistan Global Web Desk


Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 26 Feb 2024

Pakistani currency remains stable against US dollar in the open market on February 26, 2024 (Monday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 26 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94


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