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LONDON: Pakistan's sovereign dollar-denominated bonds fell as much as 8 cents to hit fresh record lows after Ishaq Dar, who took oath as federal minister on Wednesday, vowed to bring down interest rates and fight inflation.

Shorter-dated issues suffered the biggest decline with the 2024 bond being bid at 40.2 cents on the dollar, according to Tradeweb data.

Apparently on PM’s debt relief plea: Pakistan’s dollar bonds plunge

Bonds due in 2025 and 2027 fell just over 4 cents while longer-dated maturities received bids at just over 36.6 cents in the dollar. Inflation in Pakistan is exceeding 27%.

Dar also called the rupee undervalued and promised a strong response to resolve the South Asian nation's worst economic crisis.

All hell to break loose without debt relief: PM Shehbaz

Long-term worries about Pakistan's finances have been compounded over the last month by devastating monsoon floods.

Comments

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Ali Aziz Sep 30, 2022 09:41am
All hell will break loose for none other than the incompetent ruling elite who have destroyed the economy through mismanagement and corruption. The leaders have one strategy : beg, borrow from the world and steal from the people.
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Imran Malik Sep 30, 2022 06:58pm
Those who try to engineered solution according to their thought process it is a red flag for them. Their engineering has devastating effects.
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Malik Sep 30, 2022 07:11pm
All was going fine 6 month back when this stupid exercise of regime change was introduced and then all hell was let lose on Pakistani rupees in particular and economy in general. Imported govt has no methodology to avert default and only Imran and his team can stear Pakistan out of this crisis
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