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Pakistan launches $500m in Islamic bonds

12:57 AM | 29 Sep, 2016
Pakistan launches $500m in Islamic bonds
KARACHI (Web Desk) – Pakistan is set to launch $500 million in Islamic bonds to raise money for its foreign exchange reserves.

The government has started looking at key markets for the “Sukuk” bonds — a Sharia compliant instrument that offers profits instead of interest to its subscribers, a top official said.

“We have begun the roadshow in Dubai today and will go to London, Boston, and New York in the same leg,” Pakistan's finance secretary Waqar Masood Khan told a foreign news agency.

The announcement comes as a three-year, $6.6-billion-dollar bailout package from the International Monetary Fund (IMF) comes to an end, local media reported.

The lender announced in August it would soon release the last instalment, worth $102 million.

Khan said the country needs to tap the global capital market to maintain its foreign exchange reserves, which currently stand at $22.69 billion, enough to cover import bills for five months.

“The purpose of the issuance of Sukuk bonds is to meet our growing future demand of the forex,” he said.

“After the IMF package is over and amid falling exports, Pakistan needs to raise the funds from different sources,” Rehan Ateeq, head of research at Shajar Capital added.

The move also comes as $1 billion worth of 10-year Eurobonds draws to a close.

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US Dollar, Euro, Dirham, Pound, Riyal Rate in Pakistan Today - Currency Rates 23 July 2024

Pakistani currency rates against US Dollar and other currencies on July 23, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.25 for buying and 280.70 for selling. Euro's buying rate remains stable at 354.5 and selling rate is 358.35.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
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 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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