SBP cuts key rate by 75 bps to 12.50% over coronavirus
KARACHI – State Bank of Pakistan (SBP) on Tuesday cut its key interest rate by 75 bps to 12.50%, the first reduction in four years, citing declining inflationary pressure.
The SBP said a drop in oil prices and global slowdown caused by the coronavirus epidemic had eased the inflationary pressure for Pakistan.
The Central Bank has held the 13.25% interest rates steady since July when it paused after a series of hikes as data started showing the inflation rate stabilising. However, inflation has lately registered a decline.
Local businesses and exporters have lately been protesting high borrowing costs, which they said was harming investment.
- Taliban capture key Afghan border crossing with Tajikistan12:28 AM | 23 Jun, 2021
- Islamabad and Karachi ranked among the least expensive cities for ...11:30 PM | 22 Jun, 2021
- Indian variant of coronavirus spreading rapidly in Israel11:14 PM | 22 Jun, 2021
- UK Minister for South Asia Lord Ahmad arrives in Pakistan10:39 PM | 22 Jun, 2021
- TikToker who scammed Ertuğrul star gets bail09:42 PM | 22 Jun, 2021
- WCLA revives the lost culture of Kotwal in old Lahore07:20 PM | 22 Jun, 2021
- Mufti Abdul Qavi caught performing obscene acts in new leaked video06:58 PM | 22 Jun, 2021
- 16 Pakistani universities among Asia's top 50002:36 PM | 8 Jun, 2021
- Famous figures who survived serious plane incidents07:21 PM | 29 May, 2021
- Best anti-aging foods to look younger09:47 PM | 18 May, 2021
- Top cricketers who married athletes09:20 PM | 8 May, 2021