State Bank of Pakistan to borrow Rs. 1.6 trillion to plug fiscal deficit 

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State Bank of Pakistan to borrow Rs. 1.6 trillion to plug fiscal deficit 

KARACHI: The State Bank of Pakistan has announced to borrow Rs. 1.6 trillions from the private commercial banks.

The State Bank of Pakistan, the country’s central bank has planned to borrow as much as Rs 1.6 trillion from commercial banks in next three months to plug fiscal deficit.

State Bank of Pakistan announces monetary policy

The central bank to sell treasury bills having maturity of three months, six months and one year amounting to Rs 1.450 trillion through six auctions, starting November 9.

In November, the bank plans to hold auction of Rs 500 billion worth of treasury bills, December Rs 350 billion and in January Rs 600 billion.

State Bank has faced fiscal deficit due to which it will borrow the huge amount of Rs. 1.6 trillions from the commercial Banks.