Daily Times

The State Bank of Pakistan (SBP) has said that it has received $1 billion as proceeds of the recently issued Eurobond. In a tweet on Wednesday, the central bank said that after the arrival of payment, its foreign exchange reserves reached $18.2 billion, which has been the highest level since January 2017. Pakistan had floated different tenors Eurobonds worth $1 billion at up to 8.5 percent interest rates. Pakistan has borrowed $300 million for five years at 5.875 percent interest rate. The government also borrowed another $400 million for 10 years at an interest rate of 7.125 percent. It also took a $300 million loan for 30 years at 8.45 percent.