ISLAMABAD – Pakistan’s Eurobonds fell on Monday following what traders saidappeared to be the country’s third currency devaluation in seven months.
The 2027-maturing bond fell 0.75 cents to trade at 89.76 cents – the firsttime the bond had slipped below the 90 cent mark, Thomson Reuters datashowed. A 2025 bond fell 0.61 cents as well, to its lowest level sinceFebruary 2016.
Pakistan’s economy is forecast to expand by close to six per cent this yearwhich would be the fastest pace in more than a decade.
A widening current account deficit, however, has fuelled speculation itwill need its second International Monetary Fund (IMF) bailout since 2013.