The IMF projects that consumer prices in the country will rise by 7.9 percent by the end of the fiscal year
State companies allowed to deposit up to 50% of surplus funds in private banks
The government has allowed state-owned companies to park up to 50 percent of their surplus funds in private banks and non-bank financial institutions.
Published : 20 Jan 2020, 11:09 AM
Updated : 20 Jan 2020, 11:09 AM
The finance ministry’s Financial Institutions Division issued a notice on Monday, saying the decision will help commercial banks lower lending rates to a single digit
State-owned companies will receive a maximum interest rate of 6 percent on deposits, according to the notice. On the other hand, the companies will receive 5.5 percent interest rate on deposits in state-owned banks.
The government made the decision as it aims to boost private investment and keep up the pace of economic growth, according to the statement.
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