KARACHI: The State Bank of Pakistan (SBP) announced it had slashed the policy rate by 100 base points to bring the interest rate down to 7%.
According to a tweet by the SBP’s official Twitter account, the decision had been taken by the Monetary Policy Committee that met today under the chairmanship of Governor, Dr Reza Baqir on Thursday.
State Bank of Pakistan's Monetary Policy Committee met today under the chairmanship of Governor, Dr. Reza Baqir, and decided to cut the policy rate by 100bps to 7%. For details: https://t.co/pQbIf5gCGj
— SBP (@StateBank_Pak) June 25, 2020
The SBP has issued a monetary policy under which it has decided to reduce interest rates by another one per cent.
It is to be remembered that on May 15, SBP reduced interest rates by 1%, however, interest rates have been cut by 5.25% in the last two months.
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