Karachi: State Bank of Pakistan has announced a 2% reduction in refinance markup rate. According to a statement issued by the State Bank of Pakistan (SBP), the refinancing markup rate has been reduced due to the Corona epidemic. To provide relief to the industrialists, the finance mark-up rate has been reduced from 7% to 5%, while for the non-textile group the rate has been reduced from 6% to 5%, the statement said. The SBP announced a reduction in the refinancing rate following a reduction in interest rates. According to a statement issued by the State Bank of Pakistan, the interest rate has been reduced by 6.25% since March 17, after which the interest rate has come down from 13.25% to 7%. It may be recalled that the State Bank of Pakistan had on June 25 announced a monetary policy for the next two months in which the interest rate was reduced by one per cent to 7 per cent. A SBP spokesman said the discount rate had been reduced by 100 basis points. Stay tuned to Baaghi TV for latest news and updates!