FY 2013-14
Govt borrows Tk 4,334cr from commercial banks in 44 days
The government borrowed Tk 4,333.97 crore from the commercial banks in the first 44 days of the current financial year, according to the latest BB data released on Monday.
The government, however, repaid Tk 920.39 crore to the central bank in the period that was earlier taken from the BB resulting that the overall government borrowing from the banking sector stood at Tk 3,413.58 crore as of August 13.
The government repaid a significant amount of loans in July, but it started borrowing heavily since the beginning of this month, a BB official told New Age.
The deficit in the annual budget for the FY14 will be increased as the National
Board of Revenue earlier said it might fail to collect the revenue up to the target set by the government, he said.
The volume of deficit for the FY14 has been set at Tk 55,032 crore of which Tk 25,993 crore will be collected from the banking sources.
The government set a revenue collection target at Tk 1,36,090 crore for the NBR for the FY14.
The BB official said that the NBR had collected around Tk 1,09,000 crore in taxes in the concluded financial year against the target of Tk 1,12,259 crore.
Shortfall in revenue collection against the target in the FY13 has also forced the government to borrow more from the banking system this financial year, he said.
The government will have to take a large amount of loans from the banking source this financial year as it will try to fulfil its election pledges ahead of the next national elections, the official said.
The government’s borrowing from the banking sector increased by 15.45 per cent in FY13 compared with that of the FY12.
The government borrowed Tk 24,776.43 crore from the banking source in the FY13 against Tk 21,459.03 crore borrowed in the FY12.
The government’s borrowing from the scheduled banks stood at Tk 30,027.99 crore in the FY13, but the overall borrowing from the banking source stood at Tk 24,776.43 crore in
the period as it repaid the central bank Tk 5,251.56 crore.
-With New Age input
