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Curious case of revision and rollback of interest rate cut for small savings schemes | RTI
Curious case of revision and rollback of interest rate cut for small savings schemes | RTI
An RTI application filed by India Today TV has revealed why interest rate cuts on small savings schemes were rolled back in less than a day after the initial announcement. While Finance Minister Nirmala Sitharaman said it was an oversight , the RTI query reveals a different story.
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UPDATED: May 20, 2021 20:18 IST
The interest rate cuts on various small savings schemes were rolled back by the government on April 1, just a day after the revision. (Photo: Reuters/Representational image)
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Govt to borrow Rs5 trillion from banks in three months
Business
May 4, 2021
KARACHI: The government planned to borrow Rs5 trillion from banks in three months (May-July) to bridge gap in revenue and expenditures, the central bank’s auction calendar showed on Monday.
The government planned to raise Rs4.1 trillion through borrowing from market treasury bills and Rs900 billion from Pakistan investment bonds (PIBs) by the end of May.
The State Bank of Pakistan would sale Rs375 billion worth of three-, five- 10-, 15-, 20-, and 30-year fixed rate PIBs and Rs210 billion worth of five, and Rs210 billion worth of three-year floating rate PIBs. It would also auction Rs105 billion worth of a two-year floating rate PIB in the same period. The latest auction calendar showed the government wants to boost supply of long-term papers to meet its funding requirements, which is evident from the fact that it has increased the auction targets (amount) for the floating rate PIBs.
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The auction calendar of the State Bank of Pakistan (SBP) shows that the government will have to raise Rs. 5 trillion in the remaining three months of the current fiscal year to make up for the revenue and expenditure gap.
This amount needs to be borrowed from banks in three months (May-July) reported a national daily. Out of these, Rs. 4.1 trillion is likely to come from market treasury bills, while the remaining Rs. 900 billion will come from the Pakistan investment bonds (PIBs) by the end of May.
The central bank will auction three-, five- 10-, 15-, 20-, and 30-year fixed-rate PIBs worth Rs. 375 billion. SBP will also issue five-year, three-year, and two-year floating PIBs worth Rs. 210 billion Rs. 210 billion and Rs. 105 billion, respectively.
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