Prize Bonds in Pakistan, Indeed. On August 23rd, 2021, the SBP received an IMF SDR allocation of $2,751.8 million, it stated. And then, this amount will increase the foreign exchange reserves of the SBP and will reflect in the data to publish on September 2nd, 2021.
The country’s total liquid foreign currency reserves, which include net reserves held by banks other than the SBP, were $24,619.3 million. So, the total amount of net reserves held by banks was $7,040.4 million.
Earlier, by offering profitable interest rates to creditors meant at building the foreign exchange reserves, Pakistan loaned out $2.5 billion from Eurobonds on March 30th, 2021
It received the first loan tranche of $991.4 million from the International Monetary Fund (IMF) on July 9, 2019, which aided strengthen the reserves. In late December 2019, the IMF released the second loan tranche of around $454 million.
In 2020, the SBP effectively complete foreign debt repayment of over $1 billion on the maturity of Sukuk. The reserves also jumped on account of $2.5 billion in inflows from China.
In December 2019, the foreign exchange reserves exceeded the $10 billion spot owed to inflows from multifaceted lenders with $1.3 billion from the Asian Development Bank (ADB).
Draw Schedule Dates and Results
In fact, Prize Bonds are the best investment in Pakistan. They consider it as the Gold Investment and it is a bearer type of investment security, which gives no premium or profit. Prize bonds in Pakistan are available in the denominations of Rs. 100, Rs. 200, Rs. 750, Rs. 1500, Rs. 7500, Rs. 15k, Rs. 25k, Rs. 40k and Rs. 40k Premium Bonds
It is basically a lottery bond. They are offered by the National Savings Pakistan (Ministry of Finance). And issued on behalf of the Government of Pakistan.
Prize Bonds in Pakistan
In fact, The proper series issued them. And every series has one million bonds. Every draw quarterly is held, however, it does not give any interest or profit on these prize bonds.
Every quarter the lucky draws announced the lucky winners. The major cities of Pakistan held these lucky draws, about 36 times each year. Up to numbers, every year 70,600 Pakistanis win Rs. 1.6 billion rupees in prize money.
History & Significance of Prize Bond
From the perspective of The Government of Pakistan. The National Prize Bonds in Pakistan Scheme has initiated in the year 1960, in order to borrow money from the public at cheaper rates and give cash prizes via lucky draws.
Therefore, the Government of Pakistan borrows and earns billions of rupees but sadly, prize money conferred to investors is very little.
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