Islamabad June 27 2023: Pakistani dollar bonds advanced as the country unexpectedly raised its key rate to a record high in a final attempt to revive its loan deal with the IMF.
According to Bloomberg, Pakistan's 8.25% 2024 bond is indicated 1.49 cents higher to trade at 56.06 cents on the dollar. The bonds have been rising for the fourth straight session
Pakistan's 7.38% 2031 bond is indicated 1.99 cents higher to trade at 38.62 cents on the dollar, Bloomberg reports. This is the highest level in over three months
The State Bank of Pakistan's monetary policy committee decided to raise rates by 100 basis points to 22% late Monday