Centre raises interest rate on loans of provinces

ISLAMABAD: The federal government has increased the interest rate for the loans of the provinces and departments.

The mark-up rate for the capital outlay of the federal government in the loans and commercial departments has been increased to 17.84 percent for the financial year 2023.24. Earlier, the markup rate was 15.58 percent in 2022-23 and 11.20 percent in 2021-22. The Finance Division has issued a notification for the determination of the new interest rate. Meanwhile, the interest rate has been set at 17.84 percent for the financial year 2023.24 for the conveyance allowance and house building advance. The Deputy Secretary Finance Division has informed the Controller General of Public Accounts.