Islamabad: The Supreme Court of Pakistan (SC) has decided to invest funds collected for Diamer-Bhasha and Mohmand dams in the National Bank of Pakistan (NBP), a news source reported.
For this purpose, the apex court has ordered the State Bank of Pakistan (SBP) to transfer an amount of PKR 10.6 billion present in the dam fund to the National Bank of Pakistan (NBP).
NBP has offered an interest rate of 12.6% up till June 20, 2019. The amount will remain parked with the bank until the auction to invest the funds in the treasury bills is finalised on June 19.
The decision was made by a five-judge bench headed by Justice Sheikh Azmat Saeed, which had taken up the case relating to the Diamer-Bhasha and Mohmand Dams Fund.
Previously, the SBP representative had said that the central bank could invest the funds in the treasury bills on June 20 after the court’s approval. The interest rate would be 12.7% for three months, 12.8% for six months and 13% for one year.
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