Pakistan Seeks Up to $1 Billion From Expats as Reserves Dwindle
- Pakistan seeks manager for certificate sale due by June
- South Asian nation foreign reserves falling fastest in Asia
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Pakistan plans to raise as much as $1 billion from its diaspora in its latest effort to boost foreign-exchange reserves that have dropped close to the lowest in three years.
The government plans to launch an overseas certificate in U.S. dollars and rupees by June to raise between $500 million and $1 billion a year, Zafar Masud, director general of National Savings at the finance ministry, said by phone on Monday. Pakistan seeks bids for financial managers by April 30 for the transaction, he said.