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Govt borrows Rs.51 billion in 6 days from SBP
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KARACHI: **The government has borrowed Rs51 billion in six days from the State Bank of Pakistan, **Geo News reported.
The central bank has issued new statistics of borrowings of the government, according to which the government has borrowed Rs51 billion only in 6 days in the current fiscal year.
This means that the government is borrowing Rs8.5 billion per day from the State Bank.
According to the statistics, the government borrowed Rs44.72 billion to over come budget deficit. The provincial governments had a loan of Rs3.54 billion while Rs6.39 billion were borrowed for the purchase of commodities.
In the previous fiscal year ended June 30, the government’s total borrowing from the central bank had reached Rs1200 billion.
This government should write a thesis that there is no corelation between excess money printing and inflation and submit it for a Ph.D. They have simply ignored the very basics of economics and inflation has been set to openly compete with a daily corruption of Rs 8 billion per day.