ISLAMABAD: Parliamentary Secretary for Finance Rana Muhammad Afzal Khan Friday informed the National Assembly that the government returned Rs 909.3 billiion borrowed from the State Bank of Pakistan during the last two financial years. “The government has returned SBP borrowings of Rs 434.3 billion and Rs 475 billion during fiscal years 2014-15 and 2015-16 respectively,” he said during the question-hour session.
Responding to various questions, the Parliamentary Secretary said the government had borrowed Rs 159.7 billion from the SBP during the year 2013-14 He said during the last three and a half years, an average amount of Rs 41 billion was borrowed on annual basis “so, borrowing from SBP is not excessive which may hamper the structural reforms of the economy.”
Replying to another question, Rana Muhammad Afzal said the growth of Islamic Banking System was more than the normal banking system.
He said the government was encouraging the growth of Islamic Banking System in the country and the people have choice to select Islamic Banking System or Commercial Banking System.
