SBP repays $1bn bond

Published December 3, 2022

ISLAMABAD: Pakistan repaid a $1 billion international bond, the central bank spokesman said on Friday, amidst growing uncertainty about the country’s ability to meet external financing obligations.

The country’s economy has been beset by multiple crises, including the fallout of devastating floods that killed 1,700 people, low foreign exchange reserves and decades-high inflation.

“The payment (was) made to Citibank New York,” State Bank of Pakistan (SBP) spokesman Abid Qamar told Reuters in a message.

The notes climbed to 98.9 cents to the dollar on Friday, “marking a nearly 16-cent comeback from a record low of 83 cents in October”, Bloomberg reported, citing its indicative pricing data.

The bond repayment, which matures on Dec 5, totals $1.08bn, the central bank chief said last week.

During the week ended Nov 25, SBP reserves stood at $7,498.7 million. It has since received $500m from the Asian Infrastructure Investment Bank.

Published in Dawn, December 3rd, 2022

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