Raising Dollars

Around ten parties answered Central Banks call to raise up to US$ 350 million in medium term funds in the overseas market.rnrn
Central Bank officials say they would start the fund raising exercise in October after referring the proposals to a leading local financial institution. rn

rnThe issue will carry a minimum tenure of five years and will form part of the governments borrowing programme. rn

rnA number of reputed financial institutions including JP Morgan, HSBC, Citibank and Standard Chartered have expressed interest, reliable sources say.rn

rnIndustry sources also say that the timing of the dollar fund raising exercise was perfect given the weak demand for the dollar in most markets. rnrn