Daily Times

KARACHI: State Bank of Pakistan on Thursday confirmed to have received $2.5 billion on December 05, as proceeds from Pakistan sovereign bonds and Pakistan international sukuk.

During the week ending November 30, 2017, SBP’s reserves decreased by $887 million, to $12,660.5 million, due to external debt and other official payments.

However, with the payment received the foreign exchange position of the country has improved. SBP’s reserves now stand at $14,883.1 million, and total liquid foreign reserves at $20,986.4 million. Last week, Pakistan had raised $1 billion by floating sukuk of five years maturity and $1.5 billion by Eurobond of ten-year maturity. Pakistan had issued sukuk at rate of 5.625 percent and Eurobond at 6.875 percent.

The SBP said that prior to receiving payments, the total liquid foreign reserves held by the country stood at $18,744.9 million on November 30, 2017. The break-up of the foreign reserves position was as the foreign reserves held by the State Bank of Pakistan stood at $12,660.5 million; while net foreign reserves held by commercial banks stood at $6,084.4 million.

Published in Daily Times, December 8^th 2017.