KARACHI: The State Bank of Pakistan (SBP) received US$1.0 billion in proceeds from the government’s recent Eurobond tap issue on Wednesday.
The central bank said in a statement posted on its official Twitter account:
“#SBP has received US$1.0bn proceeds from the government’s tap offering of its recently issued Euro Bond. Accordingly, SBP’s FX reserves, as on 13Jul21, have reached US$18.2bn, which is the highest level since Jan 2017.”
As a result, the State Bank of Pakistan’s (SBP) foreign exchange reserves reached $18.2 billion on July 13, the highest level since January 2017, it added.
The proceeds from the government’s $2.5 billion eurobond issuance were received in the State Bank of Pakistan’s account on April 19.
In March, the country issued three different eurobonds on the international market, with maturities ranging from 5 to 30 years and interest rates ranging from 6% to 8.87 percent.
A five-year eurobond with a 6% interest rate was able to raise $1 billion, while a ten-year eurobond with a 7.73 percent interest rate was able to raise $1 billion.
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