It has been revealed how the government announced that it will take a short-term loan of Rs.180000 million by issuing treasury bills and increasing it to nearly Rs. 250000 million in the 9th, allowing room for another robbery.
The Monetary Board of the Central Bank met and decided to release Rs. 200000 million from the reserves kept by the country’s banking system. By releasing the money, it was expected that the loan interest rates offered by the commercial banks would come down. This decision, which the Finance Board took on the 8th, was not made public until after 2 pm on the 9th. The auction to borrow Rs.180000 million through treasury bills was concluded on the 9th at 11 am. The Central Bank’s decision to cut lending rates was announced after this Treasury bill auction. Also, though it had been initially decided to take a loan of Rs 180000 million, it was later changed to a loan of Rs. 250000 million instead, just like the infamous bond heist on February 27, 2015. Also, the amount is obtained at a higher interest rate.
If the previous day’s monetary board decision had been announced even on the morning of the 9th, the commercial banks would have used the amount of Rs. 200000 million released by the central bank to obtain treasury bills. But instead of allowing such, the loan amount of Rs. 250000 million has been obtained through treasury bills at higher interest rates.
