Pakistan sets 10 bln rupee target for Islamic bond

KARACHI Dec 16 (Reuters) - Pakistan's central bank said on Tuesday it had set a target of 10 billion rupees ($123 million) for its 3-year Islamic bond.

The tender will be opened on Dec. 20 at 11:30 a.m. and the result will be communicated the same day, the State Bank of Pakistan said. Settlement will be on Dec. 29.

Pakistan's central bank sold 6.52 billion rupees of the first local currency 3-year Islamic bond in September. ($1 = 81.25 Pakistani rupees) (Reporting by Sahar Ahmed)