The State Bank has announced a 1.5 percent reduction in interest rates, after which the policy rate has come down to 11 percent.
The State Bank of Pakistan has announced a 1.5 percent reduction in rate in a statement released on social networking website Twitter. The interest rate has dropped to 11% after the policy rate dropped by 150 basis points. The State Bank had previously lowered interest rates to 12.50% on March 17.
This was decided at an emergency meeting convened by the Monitoring Committee of the State Bank, in which due to the Coronavirus outbreak, it was decided to further reduce the interest rate after the impact of coronavirus pandemics on the world in general and Pakistan in particular.
It may be recalled that 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 following the relief measures for the public by the PM Imran Khan, the State Bank also announced a reduction in interest rates.