Staff Reporter
The rush to withdraw cash ahead of the holy Eid-ul-Azha from the scheduled banks led the inter-bank call money rate to rise as high as 17 per cent yesterday, sources said.
The call rate ranged between 14 per cent and 17 per cent while few transactions even settled at the higher level during the day’s transactions.
“It’s a tradition that demand for cash withdrawal increases ahead of festivals,” one of the sources said.
This year, he said, the call rate got momentum on Monday to range between 14 per cent and 16 per cent. But the rate has been 6 to 7 per cent during the whole year. [Read more]