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Islamabad Wants Increase in Forex Currencies

The forex currencies market world was abuzz recently when the government of Pakistan announced a goal of aiming to raise the country`s foreign exchange reserves beyond the $14bn mark by June, official sources said here yesterday. The foreign exchange reserves stand at $13bn now. In the next few weeks the government of General Pervez Musharraf would manage the listing of OGDCL at London Forein Currencies Market and off-loading of 10-15% shares of the company.

"We have appointed Citigroup, Goldman Sachs and BMA Capital Management as financial advisory consortium for the sale of 10 to 15% shares (430mn to 645mn shares) of OGDCL, the country`s largest oil and gas exploration and production company," said an unnamed Pakistani official. This official added that Citigroup and Goldman Sachs will act as joint global co-ordinators and joint book-runners while BMA Capital Management would work as domestic joint lead manager for the desires to increase the forex currencies market holdings of Pakistan.

"We are making efforts to raise more than $1bn through the off-loading of the Global Depository Receipts of the Oil and Gas Development Co Ltd in international forex currencies market next month," that senior Pakistani official, in the finance ministry, said. The Pakistani official said the financial advisory consortium, in collaboration with the Privatisation Commission and OGDCL, would also hold international road shows to attract investors.