KARACHI: Pakistan has received $1 billion payment for its recent sukuk sale, said a spokesman for the State Bank of Pakistan (SBP) on Thursday.

The government issued sukuk on Nov 27 to raise its foreign exchange reserves in line with International Monetary Fund’s demands.

The government had initially planned to float $500 million worth of the Islamic bonds. But in the wake of high demand, which rose to $2.3bn, it decided to raise $1bn.

The five-year sukuk were sold at a profit rate of 6.75 per cent.

RESERVES: The central bank in a separate release on Thursday stated that the country’s total liquid foreign exchange reserves declined to $12.993bn during the week ending November 28 compared to $13.219bn the previous week.

Of the total reserves the SBP held $8.222bn and other banks $4.771bn.

Published in Dawn, December 5th, 2014