Pakistan raises $1 bln, offers highest-ever rate for a sukuk of 7.95%

Pakistan has raised $1 billion with a 7-year sukuk, offering an interest rate of 7.95%, the highest return the South Asian nation has ever paid on an Islamic bond, a finance ministry official said on Tuesday.

The issuance comes at a time when Pakistan's gross foreign reserves have fallen to nearly $17 billion from $19 billion in the past two weeks due to debt repayments.

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