State Bank announces interest rate cut by 1.5%
State Bank announces interest rate cut by 1.5%! The State Bank has announced a 1.5% reduction in interest rates, after which the policy rate has come down to 11%.
The announcement to a 1.5 % reduction in rate in a statement released on social networking website Twitter by State Bank of Pakistan. The interest rate has dropped to 11% after the policy rate dropped by 150 basis points. The State Bank already down the interest rates to 12.50% on March 17.
This was decided at an emergency meeting in which the Coronavirus outbreak was decided to further reduce the percentage after the impact on the world in usually and Pakistan in particular.
State Bank’s Monitoring Committee
It is be noted the State Bank’s Monitoring Committee had announced a reduction in interest rates a week ago. However, there were calls for further reductions, which were previously ignored, but Prime Minister Imran Khan made public. Following the relief measures, the State Bank also announced a reduction in interest rates.