Central bank to float bonds worth Rs 3 billion

Central bank to float bonds worth Rs 3 billion

Central Bank is issuing development bonds worth Rs 3 billion this week under its calendar of domestic borrowing. The government has – in the budget for the current fiscal year 2013-14 – planned to borrow Rs 44 billion from the domestic market to finance the budget deficit. Some 70 per cent of the five-year Rs 3 billion-bond will be auctioned to banks and financial institutions, whereas the remaining has been separated for non-depository institutions like insurance companies and state-owned firms like Employees Provident Fund (EPF) and Citizen Investment Trust (CIT).
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