Federal government increases interest rate on loans

The federal government has increased the interest rate on loans, the 24NewsHD TV channel reported on Thursday.

The markup rate on loans has been fixed at 11.20 per cent for the financial year 2021-22 and the Finance Ministry has issued a notification.

The increase is applicable to loans for development projects for provinces. 

It is also applied to loans to local governments, financial, and non-financial institutions and corporations.