Pakistan receives $468m from US under CSF

[Lahore_Real_Estate]

KARACHI: Pakistan received $468 million from the US under the head of Coalition Support Fund on Tuesday, State Bank of Pakistan said on Wednesday.

Spokesman for the central bank Waseemuddin told Daily Times that the country had received $188 million on April 30. Thus, the total disbursement under the fund stood at $656 million.

A banker, however, insisted that the country had received the whole amount last week when there was a surge in rupee liquidity in the market.

PSO made a payment of $33 million to its foreign sellers. PSO had received Rs 16 billion from the government on Tuesday.

Meanwhile, the government reduced cut-off yields on all three Treasury bills. Return on three-month paper fell from 12.14 percent to 11.96 percent, six-month paper from 12.28 percent to 12.14 percent, one-year paper from 12.35 percent to 12.22 percent.

But still, the SBP, is not likely to cut interest rates in its policy rate review meeting to be held later this month, said a banker. He added that the inflation was above 12 percent and could increase further because of increase in petroleum, electricity and gas prices.

The government had set a target of 9.5 percent for full-year inflation, but later revised it to 12 percent.