SBP slashes interest rate to 7pc

04:11 PM | 25 Jun, 2020
SBP slashes interest rate to 7pc
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KARACHI - The State Bank of Pakistan (SBP) on Thursday announced it had slashed the policy rate by 100 basis points to bring the interest rate to 7%.

The decision had been taken by the Monetary Policy Committee that met today under the chairmanship of Governor, Dr Reza Baqir, according to a tweet by the SBP's official Twitter account.

“This decision reflected the MPC’s view that the inflation outlook has improved further, while the domestic economic slowdown continues and downside risks to growth have increased. Against this backdrop of receding demand-side inflation risks, the priority of monetary policy has appropriately shifted toward supporting growth and employment during these challenging times,” the central bank said in its statement. 

More info to follow...